Reference no: EM133289729
Quantitative Analysis for Management Decisions
Question 1. A pharmacy has determined that a healthy person should receive 70 units of proteins, 100 units of carbohydrates and 20 units of fat daily. If the store carries the six types of health food with their ingredients as shown in the table below, what blend of foods satisfies the requirements at minimum cost to the pharmacy? Make a mathematical model for the given problem.
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Foods
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Protein units
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Carbohydrates units
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Fat units
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Cost per unit
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A
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20
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50
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4
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2
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B
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30
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30
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9
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3
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C
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40
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20
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11
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5
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D
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40
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25
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10
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6
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E
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45
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50
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9
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8
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F
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30
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20
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10
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8
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Question 2. A local manufacturing firm produces four different metal products, each of which must be machined, polished and assembled. The specific time requirements (in hours) for each product are as follows:
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Machining, hours
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Polishing, hours
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Assembling, hours
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Product I
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3
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1
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2
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Product II
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2
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1
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1
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Product III
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2
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2
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2
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Product IV
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4
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3
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1
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The firm has available to it on weekly basis, 480 hours of machining time, 400 hours of polishing time and 400 hours of assembling time. The unit profits on the product are Birr 360, Birr 240, Birr 360 and Birr 480, respectively. The firm has a contract with a distributor to provide 50 units of product I, and 100 units of any combination of products II and III each week. Through other customers the firm can sell each week as many units of products I, II and III as it can produce, but only a maximum of 25 units of product IV. How many units of each product should the firm manufacture each week to meet all contractual obligations and maximize its total profit? Make a mathematical model for the given problem. Assume that any unfinished pieces can be finished the following week.
Question 3. A firm manufactures two products; the net profit on product 1 is Rupees 3 per unit and Rupees 5 per unit on product 2. The manufacturing process is such that each product has to be processed in two departments D1 and D2. Each unit of product1 requires processing for 1 minute at D1 and 3 minutes at D2; each unit of product 2 requires processing for 2 minutes at D1 and 2 minutes at D2. Machine time available per day is 860 minutes at D1 and 1200 minutes at D2. How much of product 1 and 2 should be produced every day so that total profit is maximum. Make the mathematical model for the given problem.
Question 4. Discuss few areas for application of quantitative analysis in your organization or organization you are familiar with for decision making.
Question 5. Take the data of the output of your organisation summarise them with some tool (like bar chart, pie chart, etc.) and discuss the result. Give your opinion to improve the results in the future.
Attachment:- Quantitative Analysis for Management.rar
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