he student wants to find out which work(s) to select and number tasks she will do in order to earn the most amount of money. Formulate a dynamic programming recursion that maximizes the student's total earnings from their work selection decisions (Define State, Stage, Decision, Recursion formula, and Solution procedure). And solve the model manually

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
icon
Related questions
Question

A fourth-year engineering student is seeking part-time jobs to get work experience and financial income. The student can set aside 300 hours for the planning period in which she wants to work. As a consequence of the interviews, the student received four employment offers. These works are composed of multiple tasks. She can choose to work for any number of tasks of one or more works. In the table below, required time the student should spend on each of these tasks, the number of tasks she may do for each of these works, and the earnings she will get if she accomplishes each task once are given in the image

a-The student wants to find out which work(s) to select and number tasks she will do in order to earn the most amount of money. Formulate a dynamic programming recursion that maximizes the student's total earnings from their work selection decisions (Define State, Stage, Decision, Recursion formula, and Solution procedure). And solve the model manually

b-What would be the solution if she only has 200 hours to devote to these works?

Work Type
# of tasks
Required time per
task (hrs)
Fee per Task
( Dollarx 100)
A
2
100
20
2
50
10
C
4
30
7
20
3
Transcribed Image Text:Work Type # of tasks Required time per task (hrs) Fee per Task ( Dollarx 100) A 2 100 20 2 50 10 C 4 30 7 20 3
Expert Solution
steps

Step by step

Solved in 4 steps with 8 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.