A consulting company has eight employees, each of whom can work on at most two team...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A consulting company has eight employees, each of whom can work on at most two team projects. Five projects are under consideration. Each project requires four of the eight employees. The required employees, the total revenue earned and the project fees that are payable to each employee for each project are shown in the following table: Required employees Project 1 3 4 1,2,3,4 5,6,7,8 1,3,5,7 2,4,6,8 1.2.7,8 Revenue R 200 000 R 400 000 R 600 000 R 500 000 R 600 000 Project fee R 20000 R 30000 R 40000 R 30000 R 50000 Each employee who works on any project must also be paid the fixed retainer shown in the table on the next page (irrespective of the number of projects to which an employee contributes). Employee 5 2 3 4 6 8 Retainer R5000 R7000 R8000 R4000 R9000 R 6000 R8000 R 5.000 Formulate an integer programming problem with which the consulting company can determine how to maximise its profit. You do not have to solve the model but define all parameters and variables in your model unambiguously. Furthermore, find the optimal solution(s) to this integer programming problem using an appropriate computer implementation (e.g., Microsoft Excel's Solver add-on or Python packages such as SciPy & PuLP). Interpret in words the solution obtained. Please include a carefully commented print-out of your program embedded within your PDF submission. A consulting company has eight employees, each of whom can work on at most two team projects. Five projects are under consideration. Each project requires four of the eight employees. The required employees, the total revenue earned and the project fees that are payable to each employee for each project are shown in the following table: Required employees Project 1 3 4 1,2,3,4 5,6,7,8 1,3,5,7 2,4,6,8 1.2.7,8 Revenue R 200 000 R 400 000 R 600 000 R 500 000 R 600 000 Project fee R 20000 R 30000 R 40000 R 30000 R 50000 Each employee who works on any project must also be paid the fixed retainer shown in the table on the next page (irrespective of the number of projects to which an employee contributes). Employee 5 2 3 4 6 8 Retainer R5000 R7000 R8000 R4000 R9000 R 6000 R8000 R 5.000 Formulate an integer programming problem with which the consulting company can determine how to maximise its profit. You do not have to solve the model but define all parameters and variables in your model unambiguously. Furthermore, find the optimal solution(s) to this integer programming problem using an appropriate computer implementation (e.g., Microsoft Excel's Solver add-on or Python packages such as SciPy & PuLP). Interpret in words the solution obtained. Please include a carefully commented print-out of your program embedded within your PDF submission.
Expert Answer:
Answer rating: 100% (QA)
To formulate the integer programming problem lets define the parameters decision variables objective ... View the full answer
Related Book For
Accounting Information Systems
ISBN: 978-0133428537
13th edition
Authors: Marshall B. Romney, Paul J. Steinbart
Posted Date:
Students also viewed these accounting questions
-
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
-
Case Study: Quick Fix Dental Practice Technology requirements Application must be built using Visual Studio 2019 or Visual Studio 2017, professional or enterprise. The community edition is not...
-
Case Problem THE DRAPERTON PARKS AND RECREATION DEPARTMENT'S FORMATION OF GIRLS' BASKETBALL TEAMS Each fall the Draperton Parks and Recreation Depart- ment holds a series of tryouts for its boys and...
-
For each of the following situations, determine what is covered by the personal auto policy.Indicate what part of the policy covers the loss and how much will be paid by the insurance company. If the...
-
On August 23, 1995, Climaco Guzman entered into a commercial janitorial services franchise agreement with Jan-Pro Cleaning Systems, Inc., in Rhode Island for a franchise fee of $3,285. In the...
-
Bar BDE is pinned to two links, AB and CD. At the instant shown the angular velocities of link AB, link CD and bar BDE are AB, CD, and BDE, respectively. Which of the following statements concerning...
-
Suppose you are often dissatisfied with the way things are done in your institution but are afraid to speak up or propose alternative ways of doing things. Does this mean you can never be a leader in...
-
The following form is used by Matsuto Manufacturing Co. to compute payroll taxes incurred during April: Required: 1. Using the above form, calculate the employers payroll taxes for April. Assume that...
-
5 Cash flows with different risk profiles would likely have: Similar causes. Been derived in similar currencies. Been derived in different countries. Different discount rates
-
Albus was opening a landscaping business and planned on hiring 2 assistants. He advertised in the local newspaper and on an internet job site to find the right employees. Of the applicants, Albus...
-
Current assets $554,000 Debt investments (trading) 596,000 Common stock (par value $10) 455,000 Paid-in capital in excess of par 148,000 Retained earnings 800,000 Prepare the required journal entries...
-
War and conflict is not new to mankind. Throughout the ages, humans have battled each other, and adopted new means to harm each other century after century. Evolutionary methods are continuously...
-
Social Media's Influence on Industry and Competition, Give a thorough and detailed examination of how the industry and the competition can be influenced by social media, including what factors are...
-
How does utilitarianism seek to maximize overall happiness, and what are the potential ethical pitfalls of this approach when considering minority rights and individual liberties ?
-
ABC Inc is a firm with two large divisions operating in the aerospace and fast food industries.The current CEO has defended such diversification as a move to lower its cost of debt capital since cash...
-
What were the main characteristics of PRI political hegemony in Mexico? What are the motivating factors behind Xi's social and political policies, and how have these changes affected Chinese society?...
-
Question 3 of 10 Suppose that a sample is taken from a population whose mean value is 84. As the sample size increases, the sample mean will approach which value? A. 76 B. 84 C. 72 D. 80 SUBMIT T
-
Phosgene, COCl2, is a toxic gas used in the manufacture of urethane plastics. The gas dissociates at high temperature. At 400oC, the equilibrium constant Kc is 8.05 104. Find the percentage of...
-
Why does Figure show only one cash disbursement entity if Freds Train Shop uses a general operating checking account for purchases of inventory, supplies, and operating expenses such as rent but also...
-
How would you model the acquisition of a digital asset, such as the purchase of software online (the software is downloaded and then installed on the purchasers computer)?
-
Table lists some of the documents used in the revenue, expenditure, and human resources cycle. What kinds of input or output documents or forms would you find in the production (also referred to as...
-
Comparative stockholders' equity sections from two successive years of balance sheets from Farrow, Inc., are as follows: No dividends were declared or paid during 2018. Required Prepare the journal...
-
The stockholders' equity accounts of Raymund Corporation as of January 1 appear below: During the year, the following transactions occurred: June 7 Declared a 20 percent stock dividend; market value...
-
The stockholders' equity of Carly Corporation at January 1 follows: The following transactions, among others, occurred during the year: June 18 Declared a 70 percent stock dividend on all outstanding...
Study smarter with the SolutionInn App