Book Image

Data Analysis and Business Modeling with Excel 2013

Book Image

Data Analysis and Business Modeling with Excel 2013

Overview of this book

Table of Contents (18 chapters)
Data Analysis and Business Modeling with Excel 2013
Credits
About the Author
About the Reviewers
www.PacktPub.com
Preface
10
Creating Interactive Spreadsheets Using Tables and Slicers
Index

Modeling our linear programming problem


Let's take a look at the following problem carefully. We are going to formulate the pieces needed to solve a linear problem on paper and then use Excel to find the answer.

Problem: Imagine that you work for a company that sells baseball bats and you get the following request. The company wants to make a certain number of wooden bats and metal bats. The total number of bats that we want to make is 50 but we can make fewer if needed. We do have a requirement to make at least 25 bats. It costs the company $10 to make wooden bats and $20 to make metal bats. The total budget that we have to work with amounts to $1,000. We also have to make the bats quickly as we need to have them ready for sale in 48 hours or less. It takes 1 hour to make a wooden bat and 2 hours to make a metal bat. The company can sell the wooden bats at $15 each and the metal bats at $40 each. Your job is to find how many wooden and metal bats to make in order to maximize profits for...