An electronics manufacturing company is planning a research and development program to handle a planned sequence of eight projects. The total budget available for the projects is $350,000. In addition, the company plans to hire 30 engineers for the entire program. If project 2 is selected, then project 7 should also be selected (but not vice versa). The anticipated profits and the resources needed for each project are shown in Table 1. Formulate a programming problem to determine the individual projects that the company should select in order to maximize its total profit.
An electronics manufacturing company is planning a research and development program to handle a planned sequence of eight projects. The total budget available for the projects is $350,000. In addition, the company plans to hire 30 engineers for the entire program. If project 2 is selected, then project 7 should also be selected (but not vice versa). The anticipated profits and the resources needed for each project are shown in Table 1. Formulate a programming problem to determine the individual projects that the company should select in order to maximize its total profit.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
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An electronics manufacturing company is planning a research and development program to handle a planned sequence of eight projects. The total budget
available for the projects is $350,000. In addition, the company plans to hire 30 engineers for the entire program. If project 2 is selected, then project 7 should
also be selected (but not vice versa). The anticipated profits and the resources needed for each project are shown in Table 1. Formulate a programming problem
to determine the individual projects that the company should select in order to maximize its total profit.
Transcribed Image Text:Project
Project Estimated Profit
Project Expense
Engineers Required
1
$290,000
$53,000
6.
$510,000
$47,000
7
3
$340,000
$28,000
4
4
$160,000
$17,000
4
$560,000
$56,000
8.
6.
$410,000
$22,000
$340,000
$37,000
4
8.
$560,000
$42,000
6.
Table 1: Details for Each Potential Project in Scenario One
Source: Modified from B. W. Taylor IlI. (2010). Introduction to management science (10th ed.), p. 207. Copyright 2010 by Prentice Hall.
5.
2.
5.
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