MNS
Ch01 - Introduction - Part B.pptx

# 10 of 25 mathematical modeling optimization of the

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Mathematical Modeling Optimization of the objective is generally the main concern. Maximization of profit, sales, production etc. Minimization of cost, waste etc. A constrained mathematical model consists of : An objective Decision variables An objective function Which relates the decision variables to the objective One or more constraints Limitations or restrictions on the decision variables 11 of 25
Mathematical Modeling Decision variables: Desks (D). Chairs (C). Molded steel (M). Net profit (objective) is: \$51 per desk. \$30 per chair. \$6 per pound of molded steel sold. 12 of 25 An Example Situation New Office Furniture produces three products.

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Mathematical Modeling Raw material required (parameters): 7 pounds of per desk. 3 pounds of per chair. 1.5 pounds per one pound of molded steel produced. Raw material available (parameters): 2000 pounds. There is a contract to produce at least 100 desks.. There are only 510 chair cushions available in inventory. 13 of 25 Example New Office Furniture produces three products.
Mathematical Modeling Objective: Determine production mix that maximizes the profit under the raw material constraint and other production requirements (detailed next). Maximize 51D + 30C + 6 M Subject to 7D + 3C + 1.5M  2000 (raw steel) D  100 (contract ) C  510 (cushions available) D, C, M  0 (Non- 14 of 25

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Mathematical Modeling 15 of 25
Mathematical Modeling 16 of 25

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Mathematical Modeling 17 of 25
Basic Excel Tools Optimization.

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