ABC Woodcarving manufactures two types of wooden toys: soldiers and trains. A soldier sells for $29 and uses $10 worth of raw materials. Each soldier that is manufactured increases ABC’s variable labor and overhead costs by $12. A train sells for $22 and uses $7 worth of raw materials. Each train built increases ABC’s variable labor and overhead costs by $10. The manufacture of wooden soldiers and trains requires two types of skilled labor: carpentry and finishing. A soldier requires 4 hours of finishing labor and 3 hour of carpentry labor. A train requires 2 hour of finishing and 1 hour of carpentry labor. Each month, ABC can obtain all the needed raw material but only 4,200 finishing hours and 2,000 carpentry hours. Demand for trains is unlimited, but at most 200 soldiers are bought each month. ABC wants to maximize monthly profit (revenues – costs). Formulate an LP model that can be used to maximize ABC’s monthly profit. (a) Step 1: Define the decision variables precisely and completely (e.g., let X1 = … and X2 = …, etc.). __________________________________________________________________________________________ __________________________________________________________________________________________ (b) Step 2: State the objective function. ___________________________________________________________________________________________ (c) Step 3: Specify the constraints.________________________ ______________________________ ________________________ ______________________________ ________________________ ______________________________
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.
ABC Woodcarving manufactures two types of wooden toys: soldiers and trains. A soldier sells for $29 and uses
$10 worth of raw materials. Each soldier that is manufactured increases ABC’s variable labor and overhead costs
by $12. A train sells for $22 and uses $7 worth of raw materials. Each train built increases ABC’s variable labor
and overhead costs by $10. The manufacture of wooden soldiers and trains requires two types of skilled labor:
carpentry and finishing. A soldier requires 4 hours of finishing labor and 3 hour of carpentry labor. A train requires
2 hour of finishing and 1 hour of carpentry labor. Each month, ABC can obtain all the needed raw material but only
4,200 finishing hours and 2,000 carpentry hours. Demand for trains is unlimited, but at most 200 soldiers are
bought each month. ABC wants to maximize monthly profit (revenues – costs). Formulate an LP model that can be
used to maximize ABC’s monthly profit.
(a) Step 1: Define the decision variables precisely and completely (e.g., let X1 = … and X2 = …, etc.).
__________________________________________________________________________________________
__________________________________________________________________________________________
(b) Step 2: State the objective function.
___________________________________________________________________________________________
(c) Step 3: Specify the constraints.________________________ ______________________________
________________________ ______________________________
________________________ ______________________________
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