What does "Mixed-Integer Linear Program" mean?
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Mixed-Integer Linear Programming (MILP) is a method used to solve problems that involve making decisions under certain rules and limitations. It combines different types of variables: some can be whole numbers (integers), while others can be any number (continuous). This flexibility allows MILP to tackle a wide range of practical situations.
How MILP Works
In MILP, you set up a goal you want to achieve, like maximizing profit or minimizing costs. You also have constraints, which are rules that must be followed, such as limits on resources or time. The MILP helps find the best solution that meets these goals and constraints.
Applications of MILP
MILP is used in various fields, such as logistics, finance, and engineering. For instance, it can help companies decide how to best allocate resources, schedule tasks, or design products while staying within limits. This makes MILP a valuable tool for making smart and efficient decisions.