Operations Research and Profit Maximization:
In a particular engineering project team, four design jobs can be performed by any of the five resident experts. The profit generated by each individual resident expert for each design job is presented in the following table:
Resident Experts
Jobs Tom Robert John Albert Chris
1 $ 10,000.00 $ 12,000.00 $ 16,000.00 $ 10,000.00 $ 14,000.00
2 $ 14,000.00 $ 13,000.00 $ 15,000.00 $ 12,000.00 $ 16,000.00
3 $ 16,000.00 $ 12,000.00 $ 12,000.00 $ 10,000.00 $ 18,000.00
4 $ 13,000.00 $ 16,000.00 $ 11,000.00 $ 11,000.00 $ 16,000.00
You are required to select resident experts for the available jobs such that the profit generated is maximized by formulating and setting up the appropriate model to find the best solution.
Directions:
Provide the written formulation in a Word document. (Provide a complete description of the decision variables used along with their units and also label the constraints mentioned in the problem as completely as possible.
The Excel set-up should provide clearly labeled values used for the decision variables, constraints, and objective function.