73-220-Lecture07 - 1 Linear Programming: Applications III...

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Unformatted text preview: 1 Linear Programming: Applications III 73-220 Lecture 07 2 Agenda Review for Last Class Understand the standard approaches to LP formulation Staff scheduling Blending problem More Applications Media selection Production and inventory planning Next Class 3 Media Selection Problem Relax-and-Enjoy Lake Development Corporation is developing a lakeside community at a privately owned lake. The primary market for the lakeside lots and homes includes all middle- and upper-income families within approximately 100 miles of the development. Relax-and-Enjoy has employed the advertising firm of Boone, Phillips, and Jackson (BP&J) to design the promotional campaign. After considering possible advertising media and the market to be covered, BP&J recommended five media for next month. BP&J collected data on the # of potential customers reached, the cost per ad, the max number of times each medium is available, and the exposure quality rating for each of the five media as shown in the table on the next slide. 4 Media Slection (Contd) Relax-and-Enjoy provided BP&J with an advertising budget of $30,000 for the next months campaign. In addition, Relax-and-Enjoy imposed the following restrictions on how BP&J may allocate these funds: At least 10 TV commercials must be used, at least 50,000 potential customers must be reached, and...
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This note was uploaded on 11/28/2011 for the course FINANCE 101 taught by Professor Chan during the Spring '11 term at Aarhus Universitet.

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73-220-Lecture07 - 1 Linear Programming: Applications III...

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