Linear Programming

Discipline: Economics

First used by American mathematician GEORGE BERNARD DANTZIG (1914- ), and widely adopted in logistical planning and the optimization of economic development planning; linear programming is a mathematical technique for determining a range of maximum values at minimum cost while dealing with known constraints.

A car-maker would try to program the optimum production of a range of models, where each has different raw material, labor, warehousing and sales requirements, all of which are limited in supply.

Source:
G B Dantzig, 'Programming in a Linear Structure', Comptroller, USAF (Washington, DC, February, 1948)