Refer to TMCs project selection problem presented in this chapter. In the solution shown in Figure, The probability of success for project 4 is only

Refer to TMC’s project selection problem presented in this chapter. In the solution shown in Figure, The probability of success for project 4 is only 0.3488. Thus, project 4 is almost twice as likely to fail as succeed if it is assigned only three engineers. As a result, management might want to add a constraint to this problem to ensure that if a project is selected, it must have at least a 50% chance of succeeding.

a. Reformulate TMC’s problem so that if a project is selected, it must have at least a 50% chance of succeeding.

b. Implement your model in a spreadsheet.

c. What is the optimalsolution?

3-39als Compatibity Model Microsoft Ece tHomenertPe Layout FormulesDatsReme dd ins Di TMC Corporation Select? Engineers Linking Probability Prob. of NPV if Expected Startup 6 Pro Cost 05634 $750.00 $ 0.0000 $120.00 3.1 2.5 4.5 5.6 8.2 06132 100.00 $674 53 8.5 $325.00 50.00 $200.00 0 5714$900.00 $514 29 $490.00 0.2632 $400.00 S105.26 $125.00 $710.00 $240.00 otal S1,716.61 $1 650.00 Start-up Funds Available $1.700.00 5422.54 19 23 12 10 0.0000 50.00 13 14 15 ++d Ready Total Used Total Available 25 Prolect selection Analysis Pranabity Data Probabltrow.