A chocolate maker has contracted to operate a small candy counter in a fashionable store. To startwith, the selection of offerings will be intentionally limited. The counter will offer a regular mixof candy made up of equal parts of cashews, raisins, caramels, and chocolates, and a deluxe mixthat is one-half cashews and one-half chocolates, which will be sold in one-pound boxes. In addition, the candy counter will offer individual one-pound boxes of cashews, raisins, caramels, andchocolates.A major attraction of the candy counter is that all candies are made fresh at the counter. However, storage space for supplies and ingredients is limited. Bins are available that can hold theamounts shown in the table.IngredientCapacity(pounds per day)Cashews 120Raisins 200Caramels 100Chocolates 160In order to present a good image and to encourage purchases, the counter will make at least 20boxes of each type of product each day. Any leftover boxes at the end of the day will be removedand given to a nearby nursing home for goodwill.The profit per box for the various items has been determined as follows.Item Profit per BoxRegular $.80Deluxe .90Cashews .70Raisins .60Caramels .50Chocolates .75a. Formulate the LP model.b. Solve for the optimal values of the decision variables and the maximum profit.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
A chocolate maker has contracted to operate a small candy counter in a fashionable store. To start
with, the selection of offerings will be intentionally limited. The counter will offer a regular mix
of candy made up of equal parts of cashews, raisins, caramels, and chocolates, and a deluxe mix
that is one-half cashews and one-half chocolates, which will be sold in one-pound boxes. In addition, the candy counter will offer individual one-pound boxes of cashews, raisins, caramels, and
chocolates.
A major attraction of the candy counter is that all candies are made fresh at the counter. However, storage space for supplies and ingredients is limited. Bins are available that can hold the
amounts shown in the table.
Ingredient
Capacity
(pounds per day)
Cashews 120
Raisins 200
Caramels 100
Chocolates 160
In order to present a good image and to encourage purchases, the counter will make at least 20
boxes of each type of product each day. Any leftover boxes at the end of the day will be removed
and given to a nearby nursing home for goodwill.
The profit per box for the various items has been determined as follows.
Item Profit per Box
Regular $.80
Deluxe .90
Cashews .70
Raisins .60
Caramels .50
Chocolates .75
a. Formulate the LP model.
b. Solve for the optimal values of the decision variables and the maximum profit.
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