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Key Business Analytics by Bernard Marr

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14

Linear programming

What is it?

Linear programming, also known as linear optimisation, is a method of identifying the best outcome based on a set of constraints using a linear mathematical model.

It allows you to solve problems involving minimising and maximising conditions such as how to maximise profit while minimising costs. For example, taking the limitations of materials and labour you could use linear programming to determine the ‘best’ production levels in order to maximise profits under those conditions.

It was originally developed in 1937 by Leonid Kantorovich during the Second World War as a way to plan expenditures and returns so as to reduce costs to the army while maximising the losses incurred by the enemy. The method was kept ...

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