Optimization Model - Production Planning - Maximize Profit - Part 2
#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
Optimization Model - Production Planning - Maximize Profit - Part 1 : • Optimization Model - Production Plann...
In Part 2, we have worked on maximizing profit by increasing number of machines to ensure biscuit manufacturing at the rate of 3 tons per hour, further we have shown how to utilize excel solver to find optimum number of machines to maximize profit with the available inventory.
00:00 Introduction
01:27 Maximize profit with fixed number of machines
05:07 Finding Optimum Number of machines to maximize profit
08:43 Revising all four scenarios of Production Plan
09:15 Conclusion
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