A local semiconductor firm, Superchip, is planning its workforce and productionlevels over the next year. The firm makes a variety of microprocessors and usessales dollars as its aggregate production measure. Based on orders received and sales forecasts provided by the marketing department, the estimate of dollarsales for the next year by month is as follows:Production Predicted DemandMonth Days (in $10,000)January 22 340February 16 380March 21 220April 19 100May 23 490June 20 625July 24 375August 12 310September 19 175October 22 145November 20 120December 16 165Inventory holding costs are based on a 25 percent annual interest charge. It is anticipatedthat there will be 675 workers on the payroll at the end of the current year and inventorieswill amount to $120,000. The firm would like to have at least $100,000 of inventory at theend of December next year. It is estimated that each worker accounts for an average of$60,000 of production per year (assume that one year consists of 250 working days). Thecost of hiring a new worker is $200, and the cost of laying off a worker is $400.a. Formulate this as a linear program.b. Solve the problem. Round the variables in the resulting solution and determinethe cost of the plan you obtain.
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 local semiconductor firm, Superchip, is planning its workforce and production
levels over the next year. The firm makes a variety of microprocessors and uses
sales dollars as its aggregate production measure. Based on orders received and sales
sales for the next year by month is as follows:
Production Predicted Demand
Month Days (in $10,000)
January 22 340
February 16 380
March 21 220
April 19 100
May 23 490
June 20 625
July 24 375
August 12 310
September 19 175
October 22 145
November 20 120
December 16 165
Inventory holding costs are based on a 25 percent annual interest charge. It is anticipated
that there will be 675 workers on the payroll at the end of the current year and inventories
will amount to $120,000. The firm would like to have at least $100,000 of inventory at the
end of December next year. It is estimated that each worker accounts for an average of
$60,000 of production per year (assume that one year consists of 250 working days). The
cost of hiring a new worker is $200, and the cost of laying off a worker is $400.
a. Formulate this as a linear program.
b. Solve the problem. Round the variables in the resulting solution and determine
the cost of the plan you obtain.
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