math model

MATHEMATICAL MODELS

Model that captures the characteristics of a system or process through a set of mathematical relationships.

Decision variables describe the quantities that the decision makers would like to determine. They are the unknowns of a mathematical programming model. Typically we will determine their optimum values with an optimization method.

Objective function evaluates some quantitative criterion of immediate importance such as cost, profit, utility, or yield.

Constraint is an inequality or equality defining limitations on decisions. Constraints arise from a variety of sources such as limited resources, contractual obligations, or physical laws.

Parameters is the collection of coefficients for all values. For the model to be completely determined all parameter values must be known.