What you have learned so far about constrained optimization

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A consultant was hired to build an optimization model for a large marketing research company. The model is based on a consumer survey that was taken in which each person was asked to rank 30 new products in descending order based on their likelihood of pur- chasing the product. The consultant was assigned the task of building a model that selects the minimum number of products (which would then be introduced into the marketplace) such that the first, second, and third choice of every subject in the survey is included in the list of selected products. While building a model to figure out which products to introduce, the consultant's boss walked up to her and said: "Look, if the model tells us we need to introduce more than 15 products, then add a constraint which limits the number of new products to 15 or less. It's too expensive to introduce more than 15 new products." Evaluate this statement in terms of what you have learned so far about constrained optimization models.

Reference no: EM13919496

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