In the MBA program at a prestigious university in the Pacific Northwest, student bid for electives in their second year of their program. Each student has 100 points to bid (total) and must take two electives. There are four electives available: Management Science, Finance, Operations Management, and Marketing. Each class is limited to 5 students. The bids submitted for each of the 10 students are shown
in the table below.
Student Bids for Classes
MS Fin OM Mar
Student Management Science Finance Operations Management Marketing
George 60 10 10 20
Fred 20 20 40 20
Ann 45 45 5 5
Eric 50 20 5 25
Susan 30 30 30 10
Liz 50 50 0 0
Ed 70 20 10 0
David 25 25 35 15
Tony 35 15 35 15
Jennifer 60 10 10 20
Solve problem and discuss the associated questions.
a. Formulate and solve a spreadsheet model to determine an assignment of students to classes so as to maximize the total bid points of the assignments.
b. Does the resulting solution seem like a fair assignment?
c. Which alternative objectives might lead to a fairer assignment?
Please see the attachment.
Formulates and solves a spreadsheet model to determine an assignment of students to classes so as to maximize the total bid points of the assignments. EXCEL solver has been used to solve the problem.