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Info3010, Week 2 notes

by: Rebecca Evans

Info3010, Week 2 notes Info3010

Marketplace > Tulane University > Business > Info3010 > Info3010 Week 2 notes
Rebecca Evans
GPA 4.0

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About this Document

These notes cover the material from class on January 20th and include detailed instructions on different excel functions.
Business Modeling
Srinivas Krishnamoorthy
Class Notes
25 ?




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This 1 page Class Notes was uploaded by Rebecca Evans on Friday February 12, 2016. The Class Notes belongs to Info3010 at Tulane University taught by Srinivas Krishnamoorthy in Spring 2016. Since its upload, it has received 16 views. For similar materials see Business Modeling in Business at Tulane University.


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Date Created: 02/12/16
Case Bland Brewery Bland Brewery produces ale and lager beer which are always in demand but whose production is limited by raw materials that are in short supply. The scarce raw materials are corn (availability of 480 lbs.), hops (availability of 160 ozs.) and malt (availability of 1190 lbs.). One barrel of ale requires 5lbs. of corn, 4 ozs. of hops and 35 lbs. of malt while one barrel of lager requires 15 lbs. of corn, 4 ozs. of hops and 20 lbs. of malt. The brewery sells ale at a profit of $13/barrel and lager at a profit of $23/barrel. How many barrels of ale and lager should the brewery produce in order to maximize profits? New module: deterministic modeling Conceptual formulation 1. Decision: How many barrels of ale and lager to produce? a. X 1 # of barrels of ale X 2 # of barrels of lager 2. Maximize Profit a. Profit= 13X 1 23X 2 3. Constraint: Raw material limitation a. Corn: 5X 1 15X ≤ 420 lbs b. Hops: 4X +14X ≤ 120 ozs c. Malt: 35X 1 20X ≤ 1290 lbs d. Non-negativity constraint: X ,1X ≥20 Excel Sum-product =SUMPRODUCT (x1: x2, y1: y2) and multiples x1*y1 + x2*y2 (takes product of matching cell entries and sums them) o Useful when trying to take the sum of products w/ lots of data Solver o Go to “data” “solver” (far right)  set objective (ex. Profit cell)  select max, min, or value “by changing variable cells” (ex. Decisions cells=barrels of ale and lager)  “constraints” click add, cell reference (total used), select sign, constraint (available)check non-negative variables boxsolveokchanges decision and objective boxes w/ optimal production plan


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