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A department store chain is planning to open a new store.

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A department store chain...

A department store chain is planning to open a new store. They need to decide how to allocate the 100,000 square feet of available floor space among seven departments. Data on expected performance of each department per month, in terms of square feet (sf) is as follows:Department Investment Risk as a % of minimum maximum expected profit
__________ ___/sf____ __$_invested__ ___sf__ __sf__ ____per_sf_____
Electronics $ 100 24 % 6000 30000 $12.00
Furniture 50 12 10000 30000 6.00
Men's Clothing 30 5 2000 5000 2.00
Clothing 600 10 3000 40000 30.00
Jewelry 900 14 1000 10000 20.00
Books 50 2 1000 5000 1.00
Appliances 400 3 12000 40000 13.00The company has gathered $20,000,000 to invest in floor stock. The risk element is a measure of risk associated with investment in floor stock. The idea is that electronics loses $24/$100 invested per month, based upon past records at other places for outdated inventory, pilferage, breakage, etc. Electronics is the highest risk item. Expected profit is after covering risk. Develop a linear optimization model to maximize profit that includes a constraint to measure total investment, as well as a constraint to measure dollars at risk. Report investment, square footage, and the average risk ratio for each solution. I have no idea where to start on this

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Submitted: 7 months ago.Category: Multiple Problems
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12/10/2017
Business Tutor: Steve, MBA replied 7 months ago
Steve
Steve, MBA
Category: Multiple Problems
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can you please post the actual document with this question?

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Customer reply replied 7 months ago
I've attached the document that was given us. We are supposed to use linear programing and sensitivity analysis through the Solver plug in on Excel to solve. I've also included the "lesson" which is supposed to explain linear programing.
Customer reply replied 7 months ago
Steve: Have you had a chance to look this over? I need some help on a relatively quick basis.
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