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A company wants to select project(s) to run. There are 5 possible project candidates, P1, P2, P3, P4 and P5. Following table shows the project
A company wants to select project(s) to run. There are 5 possible project candidates, P1, P2, P3, P4 and P5. Following table shows the project cost, its anticipated profit (units in $1000 ) upon completion of the project and its required labor hours for each project. The project manager wants to select project(s) to make maximum profit. However, the company should consider the following limits: - Budget limit: $1,000,000. - Labor hours limit: 20,000 hours. a) Please formulate this problem as a LP to max the profit. Hint: - The decision variables should be binary variables. For example, Pi= a binary variable; if the project i is selected =1, otherwise =0. - Be careful on units. - You may need to use a keyword (INT for Lindo, BIN for Solver) for the binary variables. b) Use Lindo or Solver to solve this problem. What is the max profit? Which project(s) need to be performed to max the company's profit
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