Solved-Discussion Optimization Models
After reviewing the optimization models in the text, select one model that you can use to improve a specific business process.
Explain your reasoning. You can work with a business process at your current job, previous jobs, think of a hypothetical situation (i.e. how FedEx may be routing their shipments or how a call center may be scheduling their employees), or use the scenario from the discussion in Week 1.
Expert Partial Solution
According to Albright & Winston (2017), optimization models are mathematical models that attempt to optimize (minimize or maximize) an objective function without violating resource constraints. For this exercise, I have opted to discuss a two-variable product mix model-commonly used to solve product mix problems where a company must decide how much of each product to produce to maximize profit or stock (p. 602). In my previous place of work, two-variable product model was commonly used by management to make product mix decisions. The company was manufacturing two types of cameras namely, the DSLR (or SLR) and the point and shoot cameras. One DSLR camera manufactured would require 50 minutes processing on a certain machine (machine A) and 30 minutes processing time on another machine (machine B). One point and shoot camera would require 24 minutes processing time on machine A and 33 minutes processing time on B. At the start of a certain week, there were 30 DSLR cameras and 90 point and shoot cameras in stock. Available processing time on machine A was forecasted to be 40 hours and machine B was forecasted to be 35 hours. The demand for DSLR cameras on that particular week was forecasted to be 75 units and for point and shoot cameras was forecasted to be 95 units.
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- Feasible Region
Reference
Albright, S. C, & Winston, W. L. (2017). Business analytics: Data analysis and decision making (6th ed.). Retrieved from https://redshelf.com/
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Solved-Discussion Optimization Models
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