Decision Support Systems allow us to analyze complex relationships and to examine what if situations. Excel is an excellent tool for performing this type of analysis. In this assignment you will use Excel to solve basic quantitative analysis problems based in Linear Programming, Network Analysis, and Work Assignment.
Use Microsoft Excel to analyze decision making problems from the writeup below. Complete the assignment and upload your files here. You should turn in an Excel file with each problem on a separate worksheet. Label each worksheet in the file with the problem number (i.e. 3.3.1, 3.3.2, etc.)© BrainMass Inc. brainmass.com October 17, 2018, 2:57 am ad1c9bdddf
Decision Models using Excel
Selecting Projects. The Texas Electronics Company (TEC) is contemplating a research and development program encompassing eight major projects. The company is constrained from embarking on all projects by the number of available scientist (40) and the budget available for projects ($300,000). Following are the resource requirements and the estimated profit for each project.
Project Expense ($000) Scientists Required Profit ($000)
1 60 7 36
2 110 9 82
3 53 8 29
4 47 4 16
5 92 7 56
6 85 6 61
7 73 8 48
8 65 5 41
a. What is the maximum profit, and which projects should be selected?
b. Suppose that management decides that projects 2 and 5 are mutually exclusive. That is, TEC should not undertake both. As a result, what are the revised project portfolio and the revised maximum profit?
c. Suppose that management also decides to undertake at least two of the projects involving consumer products. (These happen to be projecdts 5-8.) As aresult, what are the revised project portfolio and the revised maxumum profit?