Binary Integer Programming
Assignment–Week 4–Dropbox 5
Consider a small Oil production firm with 6
competing oil production projects, A – F.
The
table below shows the estimated long-term profit (Net Present Value) for each
project as well as the amount of investment capital required to start the
project.
You
have been contacted to help select the best combination of projects to maximize
the Net Present Value subject to the capital investment limit of $32 million.
Production Projects
A
B
C
D
E
F
Estimated Profit ($million)
$26
$21
$18
$30
$28
$22
Capital required ($million)
$11
$8
$14
$19
$19
$13
1) Formulate a Binary Integer
Programming (BIP) model on a spreadsheet.
2) Solver the model using
Solver.
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