Optimization Model - Production Planning - Maximize Profit - Part 1
#Optimization #ProductionPlan #MaximizeProfit
Optimization models for decision making is very important on #business point of view, primary objective of any business is to maximize profit and minimize cost. Optimization models and methods are effective and help businesses to achieve their objectives.
Production plan plays a vital role in any #manufacturing company in maximizing production considering constraints at minimum cost and achieving maximum profit or maximum #production to the company. Applying optimization techniques in production planning will surely helps the company to maximize their profit with available resources.
Video shows how to Maximize profit using linear programming through excel solver, maximize profit in business will become easy task. Minimize cost can also achieved through Optimization model excel
00:00 What is #Optimization?
01:10 Explaining Business Case
02:36 Building Optimization Model
04:48 Production Plan for Optimizing / Maximizing Profit with Inventory Constraint
08:10 Maximize profit considering Inventory and Machine constraints
12:48 Impact of additional constraint on profit explained
14:01 Conclusion
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