A chance constraint
I. Replaces the right-hand side with the minimum value.
II. Allows the objective function coefficients to be replaced with random numbers.
III. Ensures that the chance constraint will never be violated.
IV. Can be used to model a soft constraint which can be violated at times.
A) I only
B) II only
C) III only
D) IV only
E) I and II only

Question

Quizplus · Accepted Answer

Chance constraints are used to model situations where constraints can be violated with a certain probability, thus allowing for "soft" constraints that do not always have to be strictly met. This is useful in stochastic programming where uncertainty is present.

A Chance Constraint I. Replaces the Right-Hand Side with the Minimum Value