A small aerospace company is considering eight projects: ■ Project 1: Develop an automated… 1 answer below »

A small aerospace company is considering eight projects:

■ Project 1: Develop an automated test facility.

■ Project 2: Bar code all inventory and machinery.

■ Project 3: Introduce a CAD/CAM system.

■ Project 4: Buy a new lathe and deburring system.

■ Project 5: Institute an FMS (Flexible Manufacturing System).

■ Project 6: Install a LAN (Local Area Network).

■ Project 7: Develop an AIS (Artificial Intelligence Simulation).

■ Project 8: Set up a TQM (Total Quality Management) program.

Each project has been rated on five attributes: return on investment (ROI), cost, productivity improvement, workforce requirements, and degree of technological risk. These ratings are given in the file P16_14.xlsx. The company has set the following five goals (listed in order of priority):

■ Goal 1: Achieve an ROI of at least $3250.

■ Goal 2: Limit cost to $1300.

■ Goal 3: Achieve a productivity improvement of at least 6.

■ Goal 4: Limit workforce use to 108.

■ Goal 5: Limit technological risk to a total of 4. Use goal programming to determine which projects should be undertaken.