Goal programming is a form of linear programming that allows for consideration of multiple, potentially conflicting goals in decision-making processes.
Management Science pertains to the study of management with a focus on using mathematics and statistics to resolve production and operations problems. It provides management with a quantitative basis for decision-making.
The Minimax Principle is a decision criterion aimed at minimizing the maximum possible loss or regret. It involves selecting the outcome with the smallest potential loss, thereby aiming to achieve the least amount of regret in case of failure.
Operations Research (OR) is a discipline that deals with the application of advanced analytical methods to help make better decisions. It involves the development and use of mathematical models to improve understanding and manage large-scale systems.
The shadow price represents the change in the optimal value of the objective function for a linear programming problem per unit increase in the right-hand side of a constraint.
