Linear Programming (LP) Optimization with Excel Solver
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A tablet computer manufacturer offers two models of its product, the Tablet Pro and the Tablet Mini. The Tablet Pro requires 1 chipset, 15 electronic components and 6 hours of labor and returns a profit of $182. The Tablet Mini requires 1 chipset, 9hours of labor and 10 electronic components and returns a profit of $139. Monthly resources are limited to 1,000 chipsets, 7,000 labor hours and 14,000 electronic components. The tablet manufacturer is interested in maximizing monthly profit. What product mix achieves maximal profit?
Overview of formulating linear programming models and using Solver to find an optimal solution. Includes discussion of sensitivity reports and important terminology.
Demonstration of classic two product profit maximization formulation.
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