What is objective function, decision variable and constraints with example?
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An objective function is a mathematical formula used to calculate the result of a decision maker's choices, such as profit, NPV, or cost . Decision variables are input values chosen by the decision maker, such as the number of employees to hire or the price to charge for a service . Constraints are restrictions or requirements that decision variables must meet, such as a budget that cannot be exceeded or a requirement for a certain percentage of a portfolio to be invested in stocks . For example, in a production planning problem, the objective function could be the ratio of physical or economical values represented by linear functions, and the decision variables could be the quantities of different products to produce, while the constraints could be limitations on resources or production capacity .
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| The paper describes the main components of a mathematical model. It mentions that the objective function represents the goal of the model, decision variables are the unknowns to be determined, and constraints are the limitations or conditions that must be satisfied. No specific examples are provided in the paper. | |
| The paper does not provide specific examples of objective functions, decision variables, and constraints. However, it mentions that the objective function represents the goal to be optimized, decision variables are the variables that can be adjusted to achieve the objective, and constraints are conditions that must be satisfied. | |
| The paper does not provide a specific example of an objective function, decision variable, and constraints. However, it mentions that the optimization framework is applicable to decision problems modeled in terms of functions of several variables, where the optimal points are found with or without constraints. | |
| An objective function is a mathematical formula that calculates the result used by the decision maker to determine how well their choices work out. A decision variable is an input value chosen by the decision maker, such as the number of employees to hire or the price to charge for a service. A constraint is a restriction or requirement that decision variables must meet, such as a budget that cannot be exceeded or a requirement for a certain percentage of a portfolio to be invested in stocks. | |
| The paper does not provide an example of an objective function, decision variable, and constraints. |
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