Valencia Products makes automobile radar detectors and assembles two models: LaserStop and SpeedBuster. The firm can sell all it produces. Both models use the same electronic components. Two of these can be obtained only from a single supplier. For the next month, the supply of these is limited to 4,000 of component A and 3,500 of component B. The number of each component required for each product and the profit per unit are in the table below. This question is interested in maximizing the profit). a) Identify the decision variables, objective function, and constraints in simple verbal statements. b) Mathematically formulate a linear optimization model. Components Required/Unit A B Profit/Unit LaserStop 18 6 $124 SpeedBuster 12 8 $136 Solve this question in Excel by using SOLVER. Please clearly explain what is the optimal solution? What is the resulting output of the objective function at the optimal solution? P.S. please solve in Excel.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Valencia Products makes automobile radar detectors and assembles two models: LaserStop and SpeedBuster. The firm can sell all it produces. Both models use the same electronic components. Two of these can be obtained only from a single supplier. For the next month, the supply of these is limited to 4,000 of component A and 3,500 of component B. The number of each component required for each product and the profit per unit are in the table below. This question is interested in maximizing the profit).
a) Identify the decision variables, objective function, and constraints in simple verbal statements.
b) Mathematically formulate a linear optimization model.
| Components Required/Unit | |||
| A | B | Profit/Unit | |
| LaserStop | 18 | 6 | $124 |
| SpeedBuster | 12 | 8 | $136 |
Solve this question in Excel by using SOLVER. Please clearly explain what is the optimal solution? What is the resulting output of the objective function at the optimal solution?
P.S. please solve in Excel.
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