See attached file for full problem details.
The first step in media selection is to formulate the media-selection problem as a linear-programming problem. The decision variables are the number of inserts in each of the media outlets, and the objective function is to maximize the number of customers reached. The constraints and objective functions are to be entered in Excel so that the problem can be solved using Excel QM
In this project, investment portfolio analysis is modelled as a linear-programming problem in which the decision variables are associated with the amount of money invested in each investment option. The objective function is to maximize the return from all the investments combined.
Please see the attached file(s) for the complete tutorial.
MG585Wk6Ptab Media Selection & Investment Options Using Excel's QM
Exhibit 1 - Media Selection
Model the media selection problem as a mathematical programming model to determine the optimal combination of media outlets and the number of units in each that would maximize the number of potential customers reached. Use Microsoft Excel's QM to solve the problem.
Exhibit 2 - Investment Options
Model the investment options problem as a mathematical programming model to maximize the returns for the money invested by the company. Use Microsoft Excel's QM to solve the problem.
Rich thinks it is a good idea to address each of five problems that Rudy talked about one at a time. He decides to look at the media selection issue first. To get data on this, Rich approaches Sarah, the marketing manager. The following are excerpts from Rich's conversation with Sarah.
Rich: "Sarah, you have been the marketing manager of the company for the last five years. I need some information from you regarding how the company approached the media selection issue in the past for services in new markets. Can you help me with that?"
Sarah: "Sure, is this for the satellite dish venture?"
Rich: "You've got it. So, I understand from Rudy that your department has already identified some preliminary requirements related to how we are going to approach the media selection issue for this project?"
Sarah: "Yes, let me share that information with you."
Media Selection Data
The marketing department's plan for the advertisement campaign has a budget of $100,000. Previous experience has shown that the exposure to potential customers as a result of the advertising effort will be, as follows:
? For every sign placed by the roadside, 10 additional customers will sign up for the ...
The media-section problem as a linear-programming problem is examined.