Question: HITEC Inc. is contemplating a research and development (R&D) program encompassing frve potential research projects named 1,2,3,4, and 5 . All the projects are expected

 HITEC Inc. is contemplating a research and development (R\&D) program encompassing
frve potential research projects named 1,2,3,4, and 5 . All the projects

HITEC Inc. is contemplating a research and development (R\&D) program encompassing frve potential research projects named 1,2,3,4, and 5 . All the projects are expected to go on simultaneously. The company is constrained from embarking on all projects by the number of scientists it has and the budget available for R\&D projects. The company has 25 scientists and $220,000 (two hundred and twenty thousand dollars) budgeted for R\&D program. Since projects 2 and 5 require the involvement of the same scientists, both of them would not be selected, but either may or may not be selected. Furthermore, if project 3 is selected, project 5 must also be selected, but not vice versa. The Table below shows the expense for each project, the number of scientists required, and the estimated profit in millions of dollars associated with each project. Formulate the integer programming (IP) model for this problem that will maximize profit for HITEC Inc. That is; (i) Define/state the decision variables. (ii) State the objective function. (iii) State all the constraints: I am asking for the IP formulation only. Do not solve with the software. (Hint: This is a 0-1 integer programming problem. Refer to, and study the information and examples in the chapter 5 of our textbook, and on Blackboard)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!