(c) What is an unbounded linear programming problem? How do we find if a given l

Question

(c) What is an unbounded linear programming problem? How do we find if a given linear programming problem has unbounded optimal solution? Give a real world example of a linear programming problem where unbounded optimal solution may occur.

(d) Describe the important aspects of, and give a real world example for, the deterministic models. Describe the important aspects of, and give a real world example for, the stochastic models. What are the differences between the deterministic models and the stochastic models?

Explanation / Answer

C)

A linear program is unbounded if the optimal solution is unbounded,
i.e. it is either 1 or 1. Note that the feasible region may
be unbounded, but this is not the same as the linear program being unbounded.

d)

Mathematical model in which outcomes are precisely determined through known relationships among states and events, without any room for random variation. In such models, a given input will always produce the same output, such as in a known chemical reaction. In comparison, stochastic models use ranges of values for variables in the form of probability distributions

Examples of deterministic models are timetables, pricing structures, a linear programming model, the economic order quantity model, maps, accounting.

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