Operations research
Speedrun
Operations Research in 30 Seconds
Operations research in 30 seconds. Go.
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Lesson notes
Key points
- LP model: Maximise or minimise a linear objective under linear constraints.
- Corner points: An LP optimum always occurs at a feasible region corner.
- Simplex: Simplex moves corner to corner, improving until optimal.
- Shadow prices: Shadow prices value one more unit of a resource.
- Transport & assignment: Special LPs ship goods or match jobs at least cost.
- Critical path: The longest chain of activities sets the project deadline.
Takeaway: Model, find corners, pivot, price resources, plan the critical path.
Quick check: What does a shadow price measure in a linear programme?
- Total cost of all inputs
- Value of one extra resource unit
- Number of corner points
It is the objective change from one more unit of a constraint resource.
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