Determine a production to maximize profit

Assignment Help Operation Management
Reference no: EM131999296

A company manufactures three products whose unit profits are $2, $5, and $3, respectively. The company has budgeted 80 hours of labor time and 65hrs of machine time for the production of the three products. The labor requirements per unit of products 1, 2 and 3 are 2, 1 and 2 hours, respectively. The corresponding machine time requirements per unit are 1, 1 and 2 hours. The company regards the budgeted labor and machine hours as goals that may be exceeded, if necessary, but at the additional cost of $15 per labor hour and $10 per machine hour.

a) Please formulate this problem as a LP to determine a production to maximize profit. o MUST define the decision variables first! Then, identify the objective function and constraints.

b) Solve the problem using LINDO or Solver and attach the output.

Reference no: EM131999296

Questions Cloud

How many total hours will be required to produce : If management expects their rate of learning to continue for this product, how many total hours will be required to produce the product next year?
Please provide a substantial detailed response : Please provide a substantial detailed response and have appropriate citations for referenced materials.
Job interview for a consulting? position : During a job interview for a consulting? position, the interviewer asks whether it is better for a company to have an efficient supply chain or a responsive.
Characteristics of leaders in situations : Do the values and characteristics of the leader necessary for successful implementation of an inclusive leadership style in a global and culturally diverse.
Determine a production to maximize profit : Please formulate this problem as a LP to determine a production to maximize profit. o MUST define the decision variables first.
Determine a production to maximize profit : Please formulate this problem as a LP to determine a production to maximize profit. o MUST define the decision variables first
What level of expectancy can be predicted : What are the advantages and disadvantages of responding to the questions honestly - What are the advantages and disadvantages of responding to the questions
Modern approach to risk assessment : Describe the different between a traditional and modern approach to Risk Assessment. Which is the best to use? What are the advantage of using one over other
Mcdonald operations and strategies : Give and explain one example of each five key external forces (Economic; Social, cultural, demographic, and natural environment; Political, legal

Reviews

Write a Review

Operation Management Questions & Answers

  Create a work schedule that will meet the demand

Create a work schedule that will meet the demand requirements, given that volunteers can only work four days per week.

  When should supervisor use coaching style of management

The "Responsibility Law" states that responsibility without commensurate authority is demoralizing and counterproductive. What is the best alternative means to get someone in your task team to perform whenever you do not have any authority over hi..

  Market management and portfolio management

Discuss the similarities and differences between ‘idea management’, ‘market management’, and ‘portfolio management’

  Research a companys internal dynamics and the affect on

research a companys internal dynamics and the influence on business continuity along with cultural and structural

  Relevant in forecasts for demand for the product

What factors might be relevant in forecasts for demand for the product? How would each affect demand?

  Discuss the relative price elasticity

Discuss the relative price elasticity of the following products:

  What are the various ways of calculating the lower of cost

What are the various ways of calculating the lower of cost or market with regards to the many ways of determining market value?

  What are main competitive advantages of using aggregate plan

What are main competitive advantages of using aggregate planning at Frito-Lay? Provide at least three of them.

  Describe robert nardelli leadership style

Clearly describe Robert Nardelli's leadership style in terms of Leadership Theory, incorporating the following theories within your paper:

  How would you recommend all of these issues be addressed

Looking at this issue from two different perspectives: What issues confront the employee? How would you recommend all of these issues be addressed?

  Senior management person to implement major strategic plan

Discuss what leadership or staffing skills a Board of Directors should be looking for when hiring a senior management person to implement a major strategic plan. Describe the benefits MBO and TQM can bring to a new strategic plan.

  How would the linear programming representation change

Each coffee table produced by Timothy Kent Designers nets the firm a profit of $9. Each bookcase yields a $12 profit. Kent’s firm is small and its resources limited. During any given production period (of 1 week), 10 gallons of varnish and 12 lengths..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd