How much profit must be forfeited in order to fill the order

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Reference no: EM133734488

Assignment: Data Analytics to Determining the Best Blend of Meats

The owner of the weiner-meyer meat processing plant wants to determine the best blend of meats to use in the next production run of hamburgers. Three sources of meat can be used. The following table summarizes relevant characteristics of these meats:

                               Meat 1        Meat 2     Meat 3
Cost per pound         $0.73         $0.85      $0.96
% Fat                   14%           9%         4%
% Protein                 70%           75%        80%
% Water                  12%           10%        8%
% Filler                    3%             5%          7%

A local elementary school has ordered 700 pounds of meat for $1.10 per pound. The only requirement is that the meat consists of at least 75% protein and at most 10% each of water and filler. Ordinarily, the owner would produce the blend of meats that achieved this objective in the least costly manner. However, with the concern of too much fat in school lunches, the owner also wants to produce a blend that minimizes the fat content of the meat produced.

I. Formulate an MOLP for this problem

II. Implement formulation in a spreadsheet and individually optimize the two objectives under consideration.

III. How much profit (in dollars) must be forfeited in order to fill this order using the mix that minimizes the fat content?

IV. Solve this problem with the objective of minimizing the maximum percentage deviation from the target values of the goals. What solution do you obtain?

V. Assume the owner considers minimizing the fat content twice as important as maximizing profit. What solution does this imply?

Reference no: EM133734488

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