Engineering >> Industrial & Management SystemsOptimal Manufacturing Strategy for Three Productsby Luz Peguero
Submitted : Spring 2013 In order to maximize annual profit for the manufacturing company we used calculus and algebraic methods. First the formulation of an equation to maximize profit from the given information was created so revenue subtracted from expense. Second we formulated an equation of constraints. By applying the method of Lagrange multipliers we were able to obtain the number of units produced in 1 shift for all three products. Using these values we were then able to obtain the corresponding profit and percentage of factory floor space that each product would need.
