Optimization - Optimization Another important Engineering...

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Optimization
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Another important Engineering calculation involves finding values which maximize (or minimize) equations. These equations can represent profit calculations, efficiency of processes, or production rates of a valuable chemical. The mathematical concept for these calculations is called optimization. Look at the function for which we previously located roots: ( 29 0 12 17 3 = + - = x x x f This function has a local maximum near -2 and a local minimum near +2. Single Variable
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Excel’s Solver can be used to solve optimization problems. It can also solve problems with constrained values. This can be useful where a local maximum or minimum is desired.
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Solver
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Production Scheduling to Maximize Profits Suppose a company manufactures two products A and B which can be sold for $120 and $80 per unit, respectively. 1000 total units (A+B) must be manufactures each month. Product A requires 5 hours labor per unit, an product B requires 3 hours. The cost of labor is $12 per hour and a total of 8000 hours are available each month. Determine a
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Optimization - Optimization Another important Engineering...

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