Optimization Model - Production Planning - Maximize Profit - Part 3

 

Watch this video....

#Optimization #ProductionPlan #MaximizeProfit Optimization models for decision making is very important on #business point of view, primary objective of any business is to maximize profit and minimize cost. Optimization models and methods are effective and help businesses to achieve their objectives. Production plan plays a vital role in any #manufacturing company in maximizing production considering constraints at minimum cost and achieving maximum profit or maximum #production to the company. Applying optimization techniques in production planning will surely helps the company to maximize their profit with available resources. Video shows how to Maximize profit using linear programming through excel solver, maximize profit in business will become easy task. Minimize cost can also achieved through Optimization model excel Optimization Model - Production Planning - Maximize Profit - Part 1 : https://youtu.be/MT0_Zg1wDlo Optimization Model - Production Planning - Maximize Profit - Part 2 : https://youtu.be/bDcHQXVR620 In Part 3, we have worked on maximizing profit considering man power as additional constraints also used excel solver to find minimum man power to be employed to maximize profit further explained the impact of each constraints on profit margin. 00:00 Introduction 01:27 Maximize profit with fixed number of machines 05:07 Finding Optimum Number of machines to maximize profit 08:43 Revising all four scenarios of Production Plan 09:15 Conclusion If you have any queries, please post it in comment section...