Question: Consider the following problem. Maximize Z = 5x1 + c2x2 + c3x3, Subject to and x1 ¥ 0, x2 ¥ 0, x3 ¥ 0. The

Consider the following problem.
Maximize Z = 5x1 + c2x2 + c3x3,
Subject to

and
x1 ‰¥ 0, x2 ‰¥ 0, x3 ‰¥ 0.
The estimates and ranges of uncertainty for the uncertain parameters are shown in the next table.

Consider the following problem.
Maximize Z = 5x1 + c2x2 +

(a) Solve this model when using the estimates of the parameters.
(b) Now use robust optimization to formulate a conservative version of this model. Solve this model. Show the values of Z obtained in parts (a) and (b) and then calculate the percentage decrease in Z by replacing the original model by the robust optimization model.

allX1_ 3x2 + 2x3 bi an1I tI a11 2x _ 4x2 + a335 20 Parameter Estim Rage of Uncertainty 3.6- 4.4 -1.4 to-0.6 2.5 3.5 27 33 19-22 9 to 7 3-5 ain a33 30 20 Co C3 4

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