Definition - What does Simplex Method mean?
The simplex method presents an organized strategy for evaluating a feasible region's vertices. This helps to figure out the optimal value of the objective function.
George Dantzig developed the simplex method in 1946.
The method is also known as the simplex algorithm.
Techopedia explains Simplex Method
The simplex method uses a systematic strategy to generate and test candidate vertex solutions to a linear program. At every iteration, it chooses the variable that can make the biggest modification toward the minimum solution. That variable then replaces one of its covariables, which is most drastically limiting it, thereby shifting the simplex method to another part of the solution set and toward the final solution.
Furthermore, the simplex method is able to evaluate whether no solution actually exists. It can be observed that the algorithm is greedy as it opts for the best option at every iteration, with no demand for information from earlier or forthcoming iterations.
Sometimes, the principal data structure applied by the simplex method is referred to as a dictionary. Dictionaries include an illustration of the equations set that are properly fine tuned to the existing basis. Dictionaries can be used to offer an intuitive comprehension of why all variables enter and leave the basis.