Hello, I have a homework problem that requires the creation of a \"model\" using

Question

Hello, I have a homework problem that requires the creation of a "model" using the information below and it also requires the use of Excel Solver. I am unsure of how to solve the problem, please help me. In addition, please show me the information used for the "set objective", "changing variable cells" and "constraints" used in the Excel Solver.

Information

A manufacturer sells two types of products. Product 1 is sold at a price of $50 per unit and product 2 at a price of $60 per unit. Three units of raw material and 1.5 labor hours are needed to manufacturer one unit of product 1. Six units of raw material and 2 labor hours are need to manufacture one unit of product 2. The unit variable cost for product 1 is $30, and for product 2 is $20. A total of 15,000 units of raw material and 10,000 labor hours are available. If any product 1 is produced, a setup cost of $20,000 is incurred; if any product 2 is produced, a setup cost of $35,000 is incurred. Determine how to maximize the manufacturer’s profit.

What is the effective capacity for product 1 and product 2, respectively?

In the optimal solution, which product(s) will be manufactured? What is the optimal production quantity? What is the optimal profit?

Explanation / Answer

In My Organization, Capitulate Picsz PLC, there were not standard tools for performance appraisal and managers were doing, on their own and recommending some Hike/Bonus to HR based on their own assessment.

Due to this Process, HR Noticed that employees were demotivated and had lots of attrition. At this point of time they had on boarded a new HR head, who was from a process oriented organization and had excellent background on handling these types of problems.

The New HR manager introduced a Common and centralized performance and Appraisal management system, from the market and had that implemented in the organization.

This system was explained to all managers and employees. Using this system as a first step, the Manager would enter all the goals, targets and criteria’s on the expectations from an employee. Then the Employee would login to the system and accept or reject it. On rejection both manager and employee would discuss and come to a conclusion and finally signed off by the employee.

And every three months the manager would keep updating the system with the employee’s performance and areas of improvements, which goes as a notification to the employee. Hence, now employee knows what the shortcomings are and how they are on track with their targets, goals and expectation. And there would b quarterly rating for their performance. Now with this system, Managers are able to assess an employee frequently and are recorded. In addition, during the year-end appraisal cycle, the cumulative scores would be taken and assessed for their performance over that year.

This increased the motivation level and had a visible and transparent system of performance and appraisal process.

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