Finite Mathematics covers mathematical concepts and techniques applicable to business and social sciences, including matrix algebra, linear programming, and probability.
Linear programming is a method for finding the best outcome in a mathematical model whose requirements are represented by linear relationships. It's a way to maximize or minimize a quantity, like profit or cost, given certain constraints.
In linear programming, you define variables, write an objective function (what you want to maximize or minimize), and set up constraints (rules that the solution must follow).
Solutions are often found at the corners of a feasible region, which you can visualize on a graph. The Simplex Method is a popular algorithm used to solve these problems efficiently.
Linear programming helps businesses decide how many products to make, how to allocate resources, or how to schedule workers.
A bakery wants to maximize profit by deciding how many loaves of bread and muffins to bake, given limited flour and labor.
A shipping company uses linear programming to minimize transportation costs across different routes.
Linear programming finds the best solution within set limits.