Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Only provide part D excel solution please The table below summarizes the hours of machining, grinding, and assembly required by each unit of each product,

Only provide part D excel solution pleaseimage text in transcribed

The table below summarizes the hours of machining, grinding, and assembly required by each unit of each product, and the total hours of capacity available for each operation. Product 1 Product 2 Product 3 Product 4 Hours 2 3 6 4 600 Operation Matching Grinding Assembly Unit Profit 6 3 4 5 500 5 6 2 3 400 $48 $55 $50 60 Cost $1000 $800 $900 $850 The unit profit and the setup cost for each product are provided in the table above. The setup cost only incurs when the product is selected to produce. Due to limited resources, the company can only choose at most two products to produce. Product 3 and 4 use the same design, so if product 3 is selected then product 4 should be selected. If the company decided to produce any product, they must make at least 50 units of that product. The marketing department expected the demand for each product to be less than 300 units. Therefore, the management of Remington wants to determine the most profitable mix of products to produce. a. Define the decision variables. (3 Points) b. Develop the objective function. (3 Points) c. Write the constraints. (9 Points) d. Solve the problem in Excel. (10 Points: 0.F. Section: 2 points, Constraints section: 3 points, Solver: 5 points) The table below summarizes the hours of machining, grinding, and assembly required by each unit of each product, and the total hours of capacity available for each operation. Product 1 Product 2 Product 3 Product 4 Hours 2 3 6 4 600 Operation Matching Grinding Assembly Unit Profit 6 3 4 5 500 5 6 2 3 400 $48 $55 $50 60 Cost $1000 $800 $900 $850 The unit profit and the setup cost for each product are provided in the table above. The setup cost only incurs when the product is selected to produce. Due to limited resources, the company can only choose at most two products to produce. Product 3 and 4 use the same design, so if product 3 is selected then product 4 should be selected. If the company decided to produce any product, they must make at least 50 units of that product. The marketing department expected the demand for each product to be less than 300 units. Therefore, the management of Remington wants to determine the most profitable mix of products to produce. a. Define the decision variables. (3 Points) b. Develop the objective function. (3 Points) c. Write the constraints. (9 Points) d. Solve the problem in Excel. (10 Points: 0.F. Section: 2 points, Constraints section: 3 points, Solver: 5 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research Methods And Audit In General Practice

Authors: David Armstrong, John Grace

1st Edition

0192624547, 978-0192624543

More Books

Students also viewed these Accounting questions

Question

Identify conflict triggers in yourself and others

Answered: 1 week ago