Question: business analyticsoperational management the oak works is a familyowned business...
[Business Analytics/Operational Management] The Oak Works is a
family-owned business that makes handcrafted dining room tables and
chairs. They obtain the oak from a local farm tree farm, which
ships them 2,500 pounds of oak each month. Each table uses 50
pounds of oak while each chair uses 25 pounds of oak. The family
builds all the furniture itself and has 480 hours of labor
available each month. Each table or chair requires six hours of
labor. Each table nets Oak Works $400 in profit, while each chair
nets $100 in profit. Since chairs are often sold with tables, they
want to produce at least twice as many chairs as tables. The Oak
Works would like to decide how many tables and chairs to produce so
as to maximize profit.
a. Formulate algebraically the linear programming model of this problem.
b. Formulate this same linear programming problem on a spreadsheet and SOLVE using Excel solver (Provide a printout of the corresponding “Excel Spreadsheet” and the “Answer Report”)