Whats best to find an optimal production plan

Assignment Help Operation Management
Reference no: EM13902530

Global minimum manufactures bikini swimming suits. Their products demands are highly seasonal. The demand forecasts over the next four quarters are: Quarter 1 - 850 dozen suits, Quarter 2 - 1800 dozen suits, Quarter 3 - 1600 dozen suits, and Quarter 4 - 500 dozen suits. The company can produce 1200 dozen suits per quarter. So inventories must be built up two meet peak demand. The unit holding cost is $15 per dozen per quarter. The company will have 1500 dozen suits in inventory at the beginning of Quarter 1. The company wants to meet demand and minimize inventory cost.

 

Formulate an LP to determine a production plan which minimizes the inventory cost and meets the demand on time in the next four quarters. Then solve it using What's Best to find an optimal production plan

Reference no: EM13902530

Questions Cloud

What is the break-even point in dollars of sales : A firm is selling two products, chairs and bar stools, each at $60 per unit. Chairs have a variable cost of $30, and bar stools $25. Fixed cost for the firm is $21,000. what is the break-even point in dollars of sales? In units of chairs and bar stoo..
Formulate as linear programming problem : A firm operates two farms of comparable productivity. Each farm has a certain amount of usable acreage and a supply of labor hours to plant and tend the crops. Farm 1 has 600 acres and 2000 labor hours available per month. The firm needs to determine..
Volkswagen group reports the following information : Volkswagen Group reports the following information for property, plant and equipment as of December
What team dysfunction might be occurring : When one or more individuals in the group withhold effort, express negative feelings and attitudes, and violate important team norms and behaviors, the effect is called the: When team members hesitate to help or provide constructive feedback, what te..
Whats best to find an optimal production plan : Global minimum manufactures bikini swimming suits. Their products demands are highly seasonal. The demand forecasts over the next four quarters are: Quarter 1 - 850 dozen suits, Quarter 2 - 1800 dozen suits, Quarter 3 - 1600 dozen suits, and Quarter ..
How effective are these strategies : Are there any benefits that an employer unable to pay a market-competitive salary could offer that could overcome the lower pay? How effective are these strategies?
Evaluate how pfizer is allowing employees to be more product : evaluate how Pfizer is allowing employees to be more productive with its PfizerWorks
Ethical leadership and performance : Create five to seven (5-7) questions to ask your chosen leader to determine his / her views of motivation, ethical leadership and performance. What is one of the greatest leadership challenges you have ever faced? What did you do? What was the result..
Write about the recent terrorism or mass shootings : Write a two-page, double-spaced paper with your thoughts, emotions, opinions about the recent terrorism or mass shootings AND the media coverage surrounding it

Reviews

Write a Review

Operation Management Questions & Answers

  Book review - the goal

Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..

  Operational plan in hospitality enterprise

Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..

  Managing operations and information

Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..

  A make-or-buy analysis

An analysis of the holding costs, including the appropriate annual holding cost rate.

  Evolution and contributor of operations management

Briefly explain Evolution and contributor of Operations management.

  Functions and responsibilities of an operations manager

A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..

  Compute the optimal order quantity

Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.

  Relationship to operations practice in the organisation

Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.

  A make or buy analysis

Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.

  Prepare a staffing plan

Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.

  Leadership styles in different organizations

Ccompare the effectiveness of different leadership styles in different organizations

  Risk management tools and models

Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.

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