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Decision Variables and Objective Functions in Production Planning, Exercises of Business Statistics

Decision variables and objective functions for maximizing profit and minimizing cost in production planning. It includes data for producing two basic products and one delux product, as well as constraints for vehicle usage. University students studying operations research, industrial engineering, or supply chain management may find this document useful for exam preparation, assignments, or thesis research.

What you will learn

  • What are the two examples provided in the document and what are the objectives in each case?
  • What is the mathematical model used to optimize production and vehicle usage in a manufacturing setting?

Typology: Exercises

2015/2016

Uploaded on 02/21/2016

Volha.Evseenko
Volha.Evseenko 🇬🇧

1 document

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bg1
Decision Variables X1 X2
16,6667 6,66667
Value Max
Objective Function 10 15 266,667
Constraints
#1 2 4 60 <= 60
#2 4 5 100 <= 100
#3 1 0 16,66667 => 0
#4 0 1 6,666667 => 0
In order to maximize the profit company should produce approximately 16,7 units of basic product B and 6,7 units of delux product D
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Decision Variables X1 X 16,6667 6, Value Max Objective Function 10 15 266,

Constraints #1 2 4 60 <= 60 #2 4 5 100 <= 100 #3 1 0 16,66667 => 0 #4 0 1 6,666667 => 0

In order to maximize the profit company should produce approximately 16,7 units of basic p

16,7 units of basic product B and 6,7 units of delux product D

Min Cost

  • Decision Variables X1 X2 X
    • 633,333 333,333 33,
  • Objective Function 7 8 8,5 7383,
  • #1 1 4 8 <= 2233, Constraints
  • #2 40 30 20 <=
  • #3 3 2 4 <=
  • #4 1 1 1 =
  • #5 1 0 0 => 633,
  • #6 0 1 0 => 333,
  • #7 0 0 1 => 33,