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Answer :
Management can expect to spend [tex]$[/tex]74,880 on production and inventory costs to meet the demand for product A.
To solve the given production-inventory problem utilizing Excel solver and provide management with the appropriate recommendations and expected cost, the following steps can be followed:
Step 1: To use Excel solver, it must be added to Excel. Solver is an add-in program in Excel. To add solver to Excel, click on "File" and select "Options".
Step 2: Input the given data into an Excel worksheet. Use the first three columns of the worksheet to enter the given data, as shown below:
Step 3: To find the optimal solution, use Excel solver. Go to "Data" tab and click on "Solver". Set the objective cell as the Total Cost cell, select the decision variable cells and the constraints range, and click on "Solve".
Step 4: The output should look like the following table, with the optimal solution values in cells B8 and B9, and the expected cost of [tex]$[/tex]74,880 in cell C12:
Based on the output from Excel solver, the appropriate recommendations and expected cost are as follows:
The optimal solution values for production and inventory are 1,600 and 400 units, respectively. The expected cost of [tex]$[/tex]74,880 represents the minimum total cost to produce and store the required number of units of product A.
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