Linear Programming (Noun)
Meaning
A mathematical technique used in economics; finds the maximum or minimum of linear functions in many variables subject to constraints.
Classification
Nouns denoting cognitive processes and contents.
Examples
- Linear programming is a mathematical technique used in economics to find the most cost-effective way to allocate resources and maximize profits.
- The economist applied linear programming to a model of the global economy in order to determine the optimal distribution of goods and services.
- Linear programming allows us to solve complex optimization problems that involve multiple variables and constraints, making it a valuable tool in fields such as finance and logistics.
- The company used linear programming to minimize its transportation costs by finding the most efficient routes for its delivery trucks.
- Linear programming is a fundamental concept in operations research, and is used to solve a wide range of problems, from supply chain management to portfolio optimization.