Your team has been hired to manage a product line for XYZ Company. The company would like
Question:
XYZ Company has a limited amount of labor and raw materials available to them, as noted below:
In addition to the labor and raw material constraints noted above, XYZ Company has been informed by the government that they must produce a minimum number of each product (as these are considered essential products). Finally, XYZ Company has completed demand forecasts for each product, and they do not want to produce more than the maximum demand or they will be left with inventory at the end of the year. The minimum and maximum amounts are noted below:
Task: Using Excel, build an appropriate model and use Solver to optimize a solution that maximizes the profits earned from the product line based on the constraints that have been placed on labor, raw materials as well as minimum and maximum quantities.