The key components of a linear programming problem include decision variables, an objective function, constraints, and feasible region, which collectively guide the optimization process by determining the values that optimize the objective while satisfying the constraints within the feasible region.

The objective function is optimized within the feasible region to find the best possible value. This involves identifying the optimal values of the decision variables that maximize or minimize the objective while adhering to the constraints.

The objective function defines the goal of the optimization problem in terms of the decision variables. It is a linear equation that represents the quantity to be maximized or minimized. The objective can be to maximize profits, minimize costs, maximize efficiency, or any other measurable goal.