Question: please answer showing all work! thanks Question 11 20 points Acompany wants to select project(s) to run. There are 5 possible project candidates, PI, P2,
Question 11 20 points Acompany wants to select project(s) to run. There are 5 possible project candidates, PI, P2, P3, N and Ps. Following table show the project cost, its anticipated profit (units in S1000) upon completion of the project and its required labor hours for each project PI P2 P3 P4 PS Expected Cost (unit in 500 600 1000 500 700 $1000) Expected Profit unit in 1800 1600 3500 1300 1700 $1000) Expected Isbor hours 15 10 20 8 11 required (unit in 100 The project manager wants to select project(s) to make maximum profit. However, the company should consider the following limits Het limit $1,000,000 Labor hours limit 20,000 hours al case formulate problemas a LP to maximize the profil. (15 points) For full credits, first define your decision variables (2 points), then objective function points and constraints (points) The decision variables should be binary variables, for example, PI -- binary variable; the project is selected -1, otherwise - 0 Be careful on units . You may need to use a keyword (INT for Lindo, BIN for Solver) for the binary variables b) Use Lindo, Solver or any software to solve this problem. What is the max profit? Which project() need to be performed to maximize the company profi (5 points) For the toolbar, presa ALTF10 (PC) or ALTFMF10 ad
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
