3. The Company is in the process of planning labor force requirements and production levels for the next four quarters. The marketing department has provided production with the following forecasts of demand over next year. Assume that there are currently 280 employees with the company. Employees are hired for at least one full quarter. Hiring costs amount to $1200 per employee and firing costs are $2500 per employee. Inventory costs are $1 per gallon per quarter. It is estimated that one worker produces 1000 gallons of paint each quarter. Assume that the company currently has 80000 gallons of paint in inventory and would like to end the year with an inventory of at least 20000 gallons. a. Determine the minimum constant workforce plan for the company. Assume that stock-outs are not allowed. Determine the total cost of the plan. Demand |Quarter Forecast 1 380000 |2 630000 3 | 220000 4 160000 Total Cost= b. Determine the zero inventory plan that hires and fires workers each quarter to match demand as closely as possible. Determine the total cost of that plan.

3. The Company is in the process of planning labor force requirements and production levels for the next four quarters. The marketing department has provided production with the following forecasts of demand over next year. Assume that there are currently 280 employees with the company. Employees are hired for at least one full quarter. Hiring costs amount to $1200 per employee and firing costs are $2500 per employee. Inventory costs are $1 per gallon per quarter. It is estimated that one worker produces 1000 gallons of paint each quarter. Assume that the company currently has 80000 gallons of paint in inventory and would like to end the year with an inventory of at least 20000 gallons. a. Determine the minimum constant workforce plan for the company. Assume that stock-outs are not allowed. Determine the total cost of the plan. Demand |Quarter Forecast 1 380000 |2 630000 3 | 220000 4 160000 Total Cost= b. Determine the zero inventory plan that hires and fires workers each quarter to match demand as closely as possible. Determine the total cost of that plan.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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