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    Name: Mohammad Zaid Akram Roll No: 30 Subject: Operations Research Paper Code: Mba (Ib) Cp-202 Mid-Term Assignment-I

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    Mohammad Zaid Akram
    Mohammad Zaid Akram submitted a mid-term assignment for the subject Operations Research. The assignment contained questions on shadow price, non-basic variables, artificial variables, feasible solutions, and optimal solutions. A shadow price represents the maximum price management is willing to pay for an extra limited resource. A non-basic variable is a variable that can take a value other than zero in a basic feasible solution. An artificial variable is introduced to obtain an initial basic feasible solution for problems with mixed constraints. A feasible solution satisfies all constraints in an optimization problem. An optimal solution is a feasible solution that maximizes or minimizes the objective function.

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    Name: Mohammad Zaid Akram Roll No: 30 Subject: Operations Research Paper Code: Mba (Ib) Cp-202 Mid-Term Assignment-I

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    Mohammad Zaid Akram
    32 views13 pages
    Mohammad Zaid Akram submitted a mid-term assignment for the subject Operations Research. The assignment contained questions on shadow price, non-basic variables, artificial variables, feasible solutions, and optimal solutions. A shadow price represents the maximum price management is willing to pay for an extra limited resource. A non-basic variable is a variable that can take a value other than zero in a basic feasible solution. An artificial variable is introduced to obtain an initial basic feasible solution for problems with mixed constraints. A feasible solution satisfies all constraints in an optimization problem. An optimal solution is a feasible solution that maximizes or minimizes the objective function.

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    Operations Research

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    Mohammad Zaid Akram submitted a mid-term assignment for the subject Operations Research. The assignment contained questions on shadow price, non-basic variables, artificial variables, feasible solutions, and optimal solutions. A shadow price represents the maximum price management is willing to pay for an extra limited resource. A non-basic variable is a variable that can take a value other than zero in a basic feasible solution. An artificial variable is introduced to obtain an initial basic feasible solution for problems with mixed constraints. A feasible solution satisfies all constraints in an optimization problem. An optimal solution is a feasible solution that maximizes or minimizes the objective function.

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    Download as docx, pdf, or txt
    32 views13 pages

    Name: Mohammad Zaid Akram Roll No: 30 Subject: Operations Research Paper Code: Mba (Ib) Cp-202 Mid-Term Assignment-I

    Uploaded by

    Mohammad Zaid Akram
    Mohammad Zaid Akram submitted a mid-term assignment for the subject Operations Research. The assignment contained questions on shadow price, non-basic variables, artificial variables, feasible solutions, and optimal solutions. A shadow price represents the maximum price management is willing to pay for an extra limited resource. A non-basic variable is a variable that can take a value other than zero in a basic feasible solution. An artificial variable is introduced to obtain an initial basic feasible solution for problems with mixed constraints. A feasible solution satisfies all constraints in an optimization problem. An optimal solution is a feasible solution that maximizes or minimizes the objective function.

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    NAME: MOHAMMAD ZAID AKRAM

    ROLL NO: 30

    SUBJECT: OPERATIONS RESEARCH

    PAPER CODE: MBA (IB) CP- 202

    MID-TERM ASSIGNMENT-I
    Q.1
    A- SHADOW PRICE
    In a business application, a shadow price is the maximum price that
    management is willing to pay for an extra unit of a given limited resource.For
    example, if a production line is already operating at its maximum 40 hour limit,
    the shadow price would be the maximum price the manager would be willing to
    pay for operating it for an additional hour, based on the benefits he would get
    from this change.
    For maximization problems like this one the constraints can often be thought of
    as restrictions on the amount of resources available, and the objective can be
    thought of as profit. Then the shadow price associated with a particular
    constraint tells you how much the optimal value of the objective would increase
    per unit increase in the amount of resources available. In other words, the
    shadow price associated with a resource tells you how much more profit you
    would get by increasing the amount of that resource by one unit.

    B- NON BASIC VARIABLE


    So, the basic variables can be defined as the m variables which can take any
    value other than zero. Moreover, if the variables satisfy the non-negativity
    condition of the LP model, the basic solution created by them is called the basic
    feasible solution. The remaining variables are known as the non-basic variables.

    C- ARTIFICIAL VARIABLE
    When the problems related to the mixed constraints are given and the simplex
    method has to be applied, then the artificial variable is introduced. The artificial
    variable refers to the kind of variable which is introduced in the linear program
    model to obtain the initial basic feasible solution. It is utilized for the equality
    constraints and for the greater than or equal inequality constraints.
    D- FEASIBLE SOLUTION
    A feasible solution is a set of values for the decision variables that satisfies all of the
    constraints in an optimization problem. The set of all feasible solutions defines
    the feasible region of the problem. Most optimization algorithms operate by first
    trying to locate any feasible solution, and then attempting to find another (better)
    feasible solution that improves the value of the objective function. This process of
    trying to find improving feasible solutions repeats until either no further
    improvement is possible or some other stopping criteria is met.

    E- OPTIMAL SOLUTION
    An optimal solution is a feasible solution where the objective function reaches its
    maximum (or minimum) value – for example, the most profit or the least cost. A
    globally optimal solution is one where there are no other feasible solutions with
    better objective function values. A locally optimal solution is one where there
    are no other feasible solutions “in the vicinity” with better objective function
    values – you can picture this as a point at the top of a “peak” or at the bottom of
    a “valley” which may be formed by the objective function and/or the constraints.

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