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linear programming

A modelling technique that determines an optimal solution for attaining an objective by taking into consideration a number of constraints. The objective function, often to optimize profits or minimize costs, is expressed as an equation and the constraints are also expressed in mathematical terms. Where only two products and few constraints are involved a solution may be obtained graphically. More than two products requires the simplex method to be used or alternatively a computer program.

Accounting dictionary. 2014.

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