BA 3301 Lecture Notes - Lecture 7: Peer Pressure, Confidence Interval
Document Summary
Controlled variables: amount of doe and cat food produced in tons. Uncontrolled variables/factors: amount of raw materials available, profit mareins on each type of eood, raw materials required for each product, processine time required for each product, total processine time available. Constraints: can only use resources available. Output or outcomes: maximum (optimal) total profit, amount of doe/cat food to be produced to achieve the optimal. Define the variables: the factors we control - (c & d) Define the objective: we maximize or minimize some measure - (max p = 6c + 9d) Define the constraints: the thines that restrict this objective. Processine time (c + d < 8) Meat material raw limit: (2c + 6d < 36) Fish raw material limit: (3c < 18) Common mistakes: the variables are thines we directly control, the amount we choose to produce are directly controlled and are variables, the resources are controlled indirectly via the production amounts and so are not variables.
