Question

A local television station plans to drop four Friday evening programs at the end of the season. Steve Green, the station manager, developed a list of six potential replacement programs. Estimates of the advertising revenue (S) that can be expected for each of the new programs in the four vacated time slots are as follows. 2. 5:00-5:30 p.m. 5:30-6:00 p.m. 7:00-7:30 p.m. 8:00-8:30 p.m. Home Improvement 5000 4500 6000 4000 World News 7500 8000 7000 5500 NASCAR Live 8500 5000 600 8000 Wall Street Today 7000 6000 6500 5000 Hollywood Briefings 7000 8000 4000 6000 Ramundo & Son 6000 5000 4500 7000 Mr. Green asked you to find the assignment of programs to time slots that will maximize total advertising revenue. Solve using Excel Solver and summarize your results.

Answer 1

This website doesn't let me attach an Excel sheet. So I'm giving two google drive links below, one containing the excel sheet and another containing the instruction video I made while solving this problem.

Excel sheet:

https://drive.google.com/open?id=1gzEEM5_Jn1ReWW2Q5L9Kw3IlMTwAtNco

Instruction video:

https://drive.google.com/open?id=10cc7p7U-mMysWJbbHeKptnzFiBcHQSWl

Open the Excel sheet in Microsoft Excel and click the cells containing the results you will get the formula in the above formula bar.

Summary:

(The yellow colored matrix in the solution matrix part of the excel sheet is containing values 0 and 1. If we get 1 in a cell that means we are assigning the corresponding program(P1,P2,...P6) to the corresponding time slot(S1,S2,S3,S4). And adding the costs from the corresponding cells in cost matrix we get the total revenue.)

Here assignments are as follows:

World news in 7:00-7:30 p.m. slot

NASCAR Live in 5:00-5:30 p.m. slot

Hollywood briefings in 5:30-6:00 p.m. slot

Ramundo & Son in 8:00-8:30 p.m. slot

And total revenue will be $30500.

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Thank you :)