Please include step by step instructions for Excel. Fast is allocating next year$$s budget among its divisions. The R&D $($Research and Development$)$ division must determine which research projects, named creatively $1$ through $7,$ to fund. Each project requires various software, hardware, and outside consulting expenses which are termed $$Additional Costs.$$ Each project also requires certain Fast engineers. Fast R&D has been given a budget allocation of $$1\mathrm{.}2$ million to cover AdditionalFast is allocating next year$$s budget among its divisions. The R&D $($Research and Development$)$ division must determine which research projects, named creatively $1$ through $7,$ to fund. Each project requires various software, hardware, and outside consulting expenses which are termed $$Additional Costs.$$ Each project also requires certain Fast engineers.

Fast R&D has been given a budget allocation of $$1\mathrm{.}2$ million to cover Additional Costs and has $35$ Fast staff engineers available for the potential projects.

R&D has developed the following table of projected costs and staffing for the seven potential projects, as well as a prediction of the dollar return to Fast if the project succeeds. $$Return$$ implies all costs have been deducted. Due to scheduling conflicts, R&D has determined that at most, one of projects $1$ and $2$ should be pursued. Additionally, if project $2$ is chosen, project $4$ must also be chosen.$$

Develop a model to select the best projects within the budget, i$.$e$.$ the combination of projects that delivers the greatest total return. Use of integer or binary constraints may be necessary. Use Simplex LP if possible.

Engineers

Available $/$ Budget

Problem #$2$: Resource Allocation Problem

Task $2$: State the objective function as a mathematical formula.

Task $2\mathrm{.}1$: Identify all constraints.

Task $2\mathrm{.}2$: Build an appropriate decision model in Excel.

Task $2\mathrm{.}3$: Set up constraints with "left side" and "right side".

Task $2\mathrm{.}4$: Binary constraints connected to model?

Task $2\mathrm{.}5$: Solver dialog set up properly?

Task $2\mathrm{.}5\mathrm{.}1$: $-$objective cell

Task $2\mathrm{.}5\mathrm{.}2$: $-$constraints

Task $2\mathrm{.}5\mathrm{.}3$: $-$correct engine

Task $2\mathrm{.}6$: Solution stated or clearly identified.