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Linear Programming
What is Linear Programming (LP) in the context of bank management?
Linear Programming is a mathematical optimization technique used to find the best outcome (maximum profit or minimum cost) subject to linear constraints, widely applied in banking for resource allocation decisions.
What is the standard form of a Linear Programming problem?
Objective function plus constraints expressed as equalities with non-negative variables
What are the two main components of a Linear Programming problem?
A Linear Programming problem consists of an objective function (to be maximized or minimized) and a set of linear constraints (inequalities or equalities) along with non-negativity restrictions on decision variables.
What is a convex polygon in the context of LP graphical solutions?
Feasible region bounded by constraint lines forming a polygon shape
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