#1- Maxwell Manufacturing makes two models of felt tip marking pens. Requirements and available resources for each lot of pens are given in the following table: Fliptop Model Tiptop Model Available Plastic 3 4 36 Ink Assembly 5 4 40 Molding Time 5 2 30 The profit for either model is $1,000 per lot. a) What is the linear programming model for this problem?
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.
#1- Maxwell Manufacturing makes two models of felt tip marking pens. Requirements and available resources for each lot of pens are given in the following table:
|
|
Fliptop Model |
Tiptop Model |
Available |
|
Plastic |
3 |
4 |
36 |
|
Ink Assembly |
5 |
4 |
40 |
|
Molding Time |
5 |
2 |
30 |
The profit for either model is $1,000 per lot.
a) What is the linear programming model for this problem?
b) Using Microsoft Excel's Solver, find the optimal solution. How many Fliptop models and how many Tiptop models should be produced? What is the maximum profit?
c) Will there be excess capacity in any resource?
Use Excel's Solver and run a sensitivity report to answer the following questions.
d) Over which range can the objective function coefficient for Fliptop Models change without affecting the original optimal solution? What is this range called?
e) What is the shadow price (dual price) for the plastic constraint and how would you interpret it?
f) What is the shadow price (dual price) for the Molding Time constraint. Does the value make sense? Over which range is the shadow price valid? What is this range called?
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