A firm has some projects to consider: a new research project; a new equipment project; and potential business trips. The cost and return of the projects are as follows: New research New equipment Business trips Return 13 35 9 Budget Year 1 Capital 5 15 3 20 Year 2 Capital 3 0 2 12 Year 3 Capital 2 11 2 19 At most 2 projects can be chosen from these choices. In addition, new equipment project has the highest priority among these choices. Formulate (without solving) an integer programming question to maximize the firm’s return.

A firm has some projects to consider: a new research project; a new equipment project; and potential business trips. The cost and return of the projects are as follows: New research New equipment Business trips Return 13 35 9 Budget Year 1 Capital 5 15 3 20 Year 2 Capital 3 0 2 12 Year 3 Capital 2 11 2 19 At most 2 projects can be chosen from these choices. In addition, new equipment project has the highest priority among these choices. Formulate (without solving) an integer programming question to maximize the firm’s return.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter6: Optimization Models With Integer Variables

Section: Chapter Questions

Problem 89P

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Question

A firm has some projects to consider: a new research project; a new equipment project; and potential business trips. The cost and return of the projects are as follows: