Tasks: A company manufactures two electronic products: Chipsets and LCD. Each product contributes differently to the profit. The production process is subject to constraints related to labour, manufacturing space, raw materials, and production time. You are required to determine the optimal production quantities for each product to maximize profit: • Develop and formulate a Linear programming model for the variables and constraints from the above context as given in Table 1 & 2. Assume Right-Hand Side (R.H.S) values for all elements and find the maximum profit and optimal variable values using graphical method (40 %). Table I Variables Chipsets LCD Profit Per Unit Assume as per convenience and Model Fit Assume as per convenience and Model Fit Table II Constraints Labour Manufacturing Space Raw Materials Production Time Units No of Labors Square Meters Kilograms Minutes • Identify the feasible region and construct the graph using the graphical method. Find out the Shadow Price and explain by considering any one of the equations that yields optimal point and conduct a sensitivity analysis by increasing or decreasing the units as per your convenience on the available resource of the respective constraint and critically analyse the modelling output and its practical implications • Research Teaching Nexus (RTN) - Identify and critically review 4 research papers on recent advancements in optimization and its applications in operations management and supply chain. Write researcher name and year, research title, research done, its application and benefits in a table format
Tasks: A company manufactures two electronic products: Chipsets and LCD. Each product contributes differently to the profit. The production process is subject to constraints related to labour, manufacturing space, raw materials, and production time. You are required to determine the optimal production quantities for each product to maximize profit: • Develop and formulate a Linear programming model for the variables and constraints from the above context as given in Table 1 & 2. Assume Right-Hand Side (R.H.S) values for all elements and find the maximum profit and optimal variable values using graphical method (40 %). Table I Variables Chipsets LCD Profit Per Unit Assume as per convenience and Model Fit Assume as per convenience and Model Fit Table II Constraints Labour Manufacturing Space Raw Materials Production Time Units No of Labors Square Meters Kilograms Minutes • Identify the feasible region and construct the graph using the graphical method. Find out the Shadow Price and explain by considering any one of the equations that yields optimal point and conduct a sensitivity analysis by increasing or decreasing the units as per your convenience on the available resource of the respective constraint and critically analyse the modelling output and its practical implications • Research Teaching Nexus (RTN) - Identify and critically review 4 research papers on recent advancements in optimization and its applications in operations management and supply chain. Write researcher name and year, research title, research done, its application and benefits in a table format
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter5: Network Models
Section5.5: Shortest Path Models
Problem 34P
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Transcribed Image Text:Tasks:
A company manufactures two electronic products: Chipsets and LCD. Each product contributes
differently to the profit. The production process is subject to constraints related to labour,
manufacturing space, raw materials, and production time. You are required to determine the optimal
production quantities for each product to maximize profit:
• Develop and formulate a Linear programming model for the variables and constraints from the
above context as given in Table 1 & 2. Assume Right-Hand Side (R.H.S) values for all elements
and find the maximum profit and optimal variable values using graphical method
(40 %).
Table I
Variables
Chipsets
LCD
Profit Per Unit
Assume as per convenience and Model Fit
Assume as per convenience and Model Fit
Table II
Constraints
Labour
Manufacturing Space
Raw Materials
Production Time
Units
No of Labors
Square Meters
Kilograms
Minutes
• Identify the feasible region and construct the graph using the graphical method. Find out the
Shadow Price and explain by considering any one of the equations that yields optimal point and
conduct a sensitivity analysis by increasing or decreasing the units as per your convenience on
the available resource of the respective constraint and critically analyse the modelling output
and its practical implications
• Research Teaching Nexus (RTN) - Identify and critically review 4 research papers on recent
advancements in optimization and its applications in operations management and supply chain.
Write researcher name and year, research title, research done, its application and benefits in a
table format
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