Biam 500 Week 2 Lab Analysis

In: Business and Management

Submitted By Sheila224
Words 363
Pages 2
Lab 2 Analysis Sheila Mejia

BIAM 500 Prof. Bruning Keller March 13, 2016

Explain the Solver results you obtained for both the initial problem and your sensitivity analysis. The solver results in the initial analysis in my workbook showed that 333 units of the cc7 and 200 units of the cc8 should be produced in order to obtain the maximum of a little over $5 million in profit while still remaining within the given constraints. The constraints included that that MBI Corporation cannot produce more than 200,000 units in its plant and must remain under an $8million dollar budget. MBI Corp. must also meet marketing constraints of at least producing 100 units of cc7 and 200 units of cc8. In the sensitivity analysis we increases the constraints by ten percent and Solver determined that the optimal units MBI should produce is 110 of cc7 and 46 of cc8. Increasing the constraints decreased the number of units produced and decreased the profit by 31%. Thus, the sensitivity analysis helped determine that the current constraints made for a bigger profit while making staying within budget and satisfying other needs within the corporation. Based on the solver results MDI should not increase the parameters of their constraints, at least not by ten percent.
What did you learn from the exercise and how is it important to businesses? The lab showed me how analyze a word problem and interpret the numbers using a spreadsheet. It also taught me how use Solver in excel; which can be a very viable tool in business. This exercise taught us how to obtain an optimal profit given certain constraints. Every business faces similar constraints, budgetary and inventory constraints were a great example to be used. Accuracy in analyzing data is vital in decision making in all businesses and in order to promote accuracy such tools as the one in…...

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