{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:29:22-04:00", "answer_date": "2024-06-29 01:29:22", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4439506", "url": "\/study-help\/questions\/hello-i-could-really-use-help-answering-problem-2-questions-4439506", "question_creation_date_js": "2024-06-29T01:29:22-04:00", "question_creation_date": "Jun 29, 2024 01:29 AM", "meta_title": "[Solved] Hello. I could really use help answering | SolutionInn", "meta_description": "Answer of - Hello. I could really use help answering Problem 2 questions a) and b) for my Intro To Management Science MGS411 Class | SolutionInn", "meta_keywords": "hello,help,answering,problem,2,questions,intro,management,science,mgs411,class,below", "question_title_h1": "Hello. I could really use help answering Problem 2 questions a) and b) for my Intro To Management Science MGS411 Class below so I understand", "question_title": "Hello. I could really use help answering Problem 2 questions a) and", "question_title_for_js_snippet": "Hello I could really use help answering Problem 2 questions a) and b) for my Intro To Management Science MGS411 Class below so I understand it for my exam coming up I am struggling in this class and this would be a great help to me Problem 2 (50 points StellarCra, a space equipment manufacturer, produces three types of space components Plasma Thrusters, Navigation Systems, and Solar Panels StellarCra needs to determine the optimal production plan for the next month to maximize its total prot while considering constraints on production hours and metal supply The following data has been given to solve the problem 0 The company has a maximum of 3 ,5 00 hours of production time available, with each hour costing $7 0 The company can acquire an unlimited metal supply, but it costs $2 2 per kilogram o StellarCraft has a xed monthly cost of $2200 associated with warehouse rentflease There are minimum demand requirements for each product that StellarCraft must meet 0 The table below presents the sale prices, the number of hours, the kilograms of metal required for each product, and the minimum demand requirements gamma, Meagaageeag Plasma Thrusters $5900 1 5 Kg Navigation Solar Panels $1,500 0 8 Kg Your task is to build an optimization model to estimate the optimal production schedule for the next month, considering the constraints on production hours and metal supply and ensuring that the minimum demand requirements are met for each product The goal is to maximize the total prot (revenue minus costs), including sales revenue and the associated production and metal costs Questions a) (30 points) Formulate an optimization model (decision variables, objective function, and constraints) to help the company identify the optimal production plan b) (20 points) Solve the model using Lingo Excel and explain your results Lingo Model Exercise2 Solutions Max 12 X1 16 X2 14 x3 2200 4 5 X1 1 8 x2 3 6 X3 300 Exercise 1 X2 550 X3 320 Decision variables Xi number of hours per week doing CrossFit, cycling, and swimming, i 1, 2, 3 Optimal solution Objective function The production schedule for the next month should be 300 frills, 554 seals and 320 axles to maximize profits at $14,751 Min Hours (Z) X1 X2 X3 Constraints Exercise 3 C1 X2 2 X1 X3 Decision variables C2 X3 2 2 C3 600X, 300X2 300X3 2 3000 X number of gallons of regular gasoline, premium gasoline and Diesel, i 1, 2, 3, to produce Lingo model Yj number of gallons of crude and refined oil to use in the production process j 1, 2 Objective function Lingo Model Exercisel DO X Min x1 x2 x3 Max (Z) 4X1 4 5X2 4 1X3 (3Y, 3 512) x2 x1 x3 Constraints x2 x1 x3 0 x3 2 C1 Y1 0 4X1 0 30X2 0 50X3 600 x1 300 x2 300 x3 3000 C2 Y2 0 6X1 0 7X2 0 50X3 C3 Y, S 5000 Optimal solution C4 Y2 S 7000 The person should spend 2 hours on CrossFit, 4 hours cycling, and 2 hours swimming The minimum number of hours Lingo model exercising per week is 8 Max 1 X1 4 5 x2 4 1 x3 (3 Yl 3 5 Y2) Exercise 2 3 X2 10 5 X3 Y1 0 4 X110 3 X (2 0 6 X1 0 7 X2 0 5 X3 Decision variables Y1", "question_description": "

Hello. I could really use help answering Problem 2 questions a) and b) for my Intro To Management Science MGS411 Class below so I understand it for my exam coming up. I am struggling in this class and this would be a great help to me.<\/p>

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\"image\"image\"image<\/div><\/div><\/div><\/figure> Problem 2 (50 points! StellarCra, a space equipment manufacturer, produces three types of space components: \"Plasma Thrusters,\" \"Navigation Systems,\" and \"Solar Panels.\" StellarCra needs to determine the optimal production plan for the next month to maximize its total prot while considering constraints on production hours and metal supply. The following data has been given to solve the problem: 0 The company has a maximum of 3 ,5 00 hours of production time available, with each hour costing $7. 0 The company can acquire an unlimited metal supply, but it costs $2.2 per kilogram. o StellarCraft has a xed monthly cost of $2200 associated with warehouse rentflease. - There are minimum demand requirements for each product that StellarCraft must meet. 0 The table below presents the sale prices, the number of hours, the kilograms of metal required for each product, and the minimum demand requirements: gamma, Meagaageeag Plasma Thrusters $5900 1-5 Kg Navigation Solar Panels $1,500 0.8 Kg Your task is to build an optimization model to estimate the optimal production schedule for the next month, considering the constraints on production hours and metal supply and ensuring that the minimum demand requirements are met for each product. The goal is to maximize the total prot (revenue minus costs), including sales revenue and the associated production and metal costs. Questions: a) (30 points) Formulate an optimization model (decision variables, objective function, and constraints) to help the company identify the optimal production plan. b) (20 points) Solve the model using Lingo\/Excel and explain your results. Lingo Model - Exercise2 Solutions Max= 12*X1 + 16*X2 + 14*x3 - 2200; 4.5*X1 + 1.8*x2 + 3. 6*X3 = 300; Exercise 1 X2 >= 550; X3 >= 320; Decision variables Xi: number of hours per week doing CrossFit, cycling, and swimming, i= 1, 2, 3. Optimal solution: Objective function The production schedule for the next month should be 300 frills, 554 seals and 320 axles to maximize profits at $14,751. Min Hours (Z) = X1 + X2 + X3 Constraints Exercise 3 C1: X2 2 X1 + X3 Decision variables C2: X3 2 2. C3: 600X, + 300X2 + 300X3 2 3000 X: number of gallons of regular gasoline, premium gasoline and Diesel, i= 1, 2, 3, to produce. Lingo model: Yj: number of gallons of crude and refined oil to use in the production process j=1, 2 Objective function Lingo Model - Exercisel DO X Min= x1 + x2 + x3; Max (Z) 4X1 + 4.5X2 + 4.1X3 - (3Y, + 3.512) x2>= x1+x3; Constraints x2-x1-x3>=0; x3>=2; C1: Y1 = 0. 4X1 + 0.30X2 + 0.50X3 600*x1+ 300*x2+ 300*x3>=3000; C2: Y2 = 0.6X1 + 0.7X2 + 0.50X3 C3: Y, S 5000 Optimal solution: C4: Y2 S 7000 The person should spend 2 hours on CrossFit, 4 hours cycling, and 2 hours swimming. The minimum number of hours Lingo model: exercising per week is 8. Max = 1*X1 + 4.5*x2 + 4. 1*x3 - (3*Yl + 3.5*Y2) ; Exercise 2 . 3*X2.10.5*X3; Y1 - 0. 4*X110 . 3*X (2 - 0. 6*X1+0 . 7*X2+0.5*X3; Decision variables Y1", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "470964731, 978-0470964736, 978-0470161012", "edition": "9th Canadian Edition, Volume 2", "authors": "Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/516.jpg", "uri": "\/textbooks\/intermediate-accounting-9th-canadian-edition-volume-2-516", "see_more_uri": "" }, "free_related_book": { "isbn": "0316152498", "uri": "\/textbooks\/statistics-in-medicine-1st-edition-9780316152495", "name": "Statistics In Medicine", "edition": "1st Edition" }, "question_posted": "2024-06-29 01:29:22", "see_more_questions_link": "\/study-help\/questions\/business-corporate-finance-2020-July-01", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/consider-a-rigid-body-of-arbitrary-shape-which-is-attached", "description": "Consider a rigid body of arbitrary shape which is attached at its mass center O and subjected to no force other than its weight and the reaction of the support at O. 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