Decision variables, objective functions, coefficients, constraints - binding or

Question

Decision variables, objective functions, coefficients, constraints - binding or not, as well as slack and/or surplus.

In Chapter 3 we are introduced to one other term of relative import. It is, as you may have guessed from the title of this thread, the "Range of Optimality." Please use this thread to...

a.) define the Range of Optimality, OR

b.) describe where we might look to compute this range, OR

c.) give an example of a Range of Optimality, OR

d.) explain how a manager might use the Range of Optimality to improve decision-making, OR

e.) ask a question about this term, OR f.) answer a question raised by one of your peers (if not the instructor).

Note the "OR" that connects each option in the list. PLEASE CHOOSE JUST ONE (not all) OF THE OPTIONS. Please also endeavor to post responses in your own voice, preferably ones that also don't merely duplicate what others have already said.

Explanation / Answer

a. Range of Optimality can be defined as the range of values beyond which the objective function co-efficient can change without leading to any change in the values of the decision variables in cases of linear programming.

In other words, the optimal solution point remains the same beyond the range of optimality. The range of optimality is found by equating the slope of the objective function to the slope of the binding constraints.

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