Q4) A manufacturer provides specialized microchips. During the next 3 months its sales, costs,and available time are shown in the table.Month 1Month 2Month 3There are no chips in stock at the beginning ofthe first month. It takes 1.5 hr of productiontime to produce a chip and costs $5 to store achip from one month to the next. Determine aproduction schedule that meets the demandrequirements, does not exceed the monthly production time limitations, and minimizescost. Note that no chips should be in stock at the end of the 3 months. Use fmincon.Chips requiredCost regular time ($/chip)Cost overtime ($/chip)Regular operation time (hr)Overtime (hr)100010011025001001202200120130240024007202400720720

Month 1: 1600 regular chips produced, 480 overtime chips produced Month 2: 1600 regular chips…

A manufacturer provides specialized microchips. During the next 3 months its sales, costs, and available time are shown in the table. Month 1 Month 2 Month 3 There are no chips in stock at the beginning of the first month. It takes 1.5 hr of production time to produce a chip and costs $5 to store a chip from one month to the next. Determine a Overtime (hr) production schedule that meets the demand requirements, does not exceed the monthly production time limitations, and minimizes cost. Note that no chips should be in stock at the end of the 3 months. Use fmincon. Chips required Cost regular time ($/chip) Cost overtime ($/chip) Regular operation time (hr) 1000 100 10ג 2400 720 2500 100 120 2400 720 2200 120 130 2400 720

A manufacturer provides specialized microchips. During the next 3 months its sales, costs, and available time are shown in the table. Month 1 Month 2 Month 3 There are no chips in stock at the beginning of the first month. It takes 1.5 hr of production time to produce a chip and costs $5 to store a chip from one month to the next. Determine a Overtime (hr) production schedule that meets the demand requirements, does not exceed the monthly production time limitations, and minimizes cost. Note that no chips should be in stock at the end of the 3 months. Use fmincon. Chips required Cost regular time ($/chip) Cost overtime ($/chip) Regular operation time (hr) 1000 100 10ג 2400 720 2500 100 120 2400 720 2200 120 130 2400 720

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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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

Question

Q4) A manufacturer provides specialized microchips. During the next 3 months its sales, costs,
and available time are shown in the table.
Month 1
Month 2
Month 3
There are no chips in stock at the beginning of
the first month. It takes 1.5 hr of production
time to produce a chip and costs $5 to store a
chip from one month to the next. Determine a
production schedule that meets the demand
requirements, does not exceed the monthly production time limitations, and minimizes
cost. Note that no chips should be in stock at the end of the 3 months. Use fmincon.
Chips required
Cost regular time ($/chip)
Cost overtime ($/chip)
Regular operation time (hr)
Overtime (hr)
1000
100
110
2500
100
120
2200
120
130
2400
2400
720
2400
720
720

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