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I was watching your video on linear programming and I have few questions related to the steps of linear programming such as.
(1) Define Symbols:
Is it correct we define symbols for each product that the business is considering or it should be only Limiting Factor products?
(2) Formulate Equations for the Constraints
Here we only consider making equations of products with Limiting Factor (ie constraints) OR we make equation for all products irrespective of which one is bottleneck resource?
(3) Formulate Equation for the Objective Function
Here we mention our objective which is to maximize contribution?
1. All products that use the limited resources (and there can only be two of them in the exam for the reasons I explain in the lectures).
2. The term ‘bottleneck resource’ is relevant for throughput accounting and not for linear programming.
3. It depends what the question asks for. Most commonly the objective is to maximise the contribution.