Optimization Modeling In Excel (using Solver)
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A marketing research group needs to contact at least 150 wives, 120 husbands, 100 single adult males, and 110 single adult females. It costs $2 to make a daytime call and (b/c of higher labor costs) $5 to make an evening call. Because of the limited staff, at most half of all phone calls can be evening calls. Determine how to minimize the cost of completing the survey.
Table lists the results that can be expected. For example, 30% of all daytime calls are answered by a wife and 15%of all evening calls are answered by a single male.
DATA for Problem
Person Responding % of Daytime Calls % of Evening Calls
Wife 30 30
Husband 10 30
Single male 10 15
Single female 10 20
None 40 5
Need the optimal solution only.
Please explain the results in plain, simple english - no technical jargon please. Thank you.
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Solution Summary
The solution provides an optimal solution in Excel for a given marketing problem, including the model formation in Word.
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