ps8 - Homework 8 IE316 Advanced Operations Research...

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Unformatted text preview: Homework 8 IE316 Advanced Operations Research Techniques Dr. Ralphs Due December 5, 2001 General Instructions : This assignment is somewhat open-ended because there are undoubt- edly many possible models that could be used to solve these problems. The decisions to be made are well-defined, however. Because of the open-ended nature of this as- signment, it is important that your explanations be very clear and detailed. Explain your model in detail, including what your decision variables are, what each constraint means, and what the objective function is. A significant part of your grade will be based on how well you explain your model and your solution. Please leave yourself plenty of time to write up the solutions and do it well. I strongly encourage you to type your solutions for additional clarity. Grading : This assignment will have the weight of two regular homework assignments, so for those of you who need to make up ground, this is one place to do it. Developing a correct model and solving it will be worth approximately half the points for each problem. Performing the analysis will be the other half. The point values for each part are indicated. Group Work : I encourage you to work in groups of no more than four on this assignment. If you work in a group, please turn in one write-up for the entire group. 1 1. A food is manufactured by refining raw oils and blending them together. The raw oils come in two categories. vegetable oils VEG1 VEG2 non-vegetable oils OIL1 OIL2 OIL3 Each oil may be purchased for immediate delivery (January) or bought on the futures market for delivery in a subsequent month. Prices now and in the futures market (in $/ton) are: VEG1 VEG2 OIL1 OIL2 OIL3 January 110 120 130 110 115 February 130 130 110 90 115 March 110 140 130 100 95 April 120 110 120 120 125 May 100 120 150 110 105 June 90 100 140 80 135 The final product sells for $150/ton....
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This note was uploaded on 08/06/2008 for the course IE 316 taught by Professor Ralphs during the Fall '08 term at Lehigh University .

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ps8 - Homework 8 IE316 Advanced Operations Research...

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