Palgrave Encyclopedia of Strategic Management, Eds. Mie Augier, David J. Teece, ISBN 978-1-137-49190-9, Palgrave Macmillan UK, 2016
4 Pages Posted: 8 Jun 2017
Date Written: 2014
An optimization problem with a linear objective function and linear constraints is called a linear programming problem. A vector satisfying the inequality and nonnegative constraints is called a feasible solution. If a linear programming problem and its dual have feasible solutions, then both have optimal solutions, and the value of the optimal solution is the same for both. If either the program or its dual does not have a feasible solution, then neither has an optimal vector. The simplex method is a simple method of solving a linear programming problem.
Keywords: Linear Programming; Objective Function, Optimality, Dual, Simplex
JEL Classification: C61
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