Jackson Hole Manufacturing is a small manufacturer of plastic products used in the automotive and computer industries. One of its major contracts is with a large computer company and involves the production of plastic printer cases for the computer company’s portable printers. The printer cases are produced on two injection molding machines. The M-100 machine has a production capacity of 25 printer cases per hour, and the M-200 machine has a production capacity of 40 cases per hour. Both machines use the same chemical material to produce the printer cases; the M-100 uses 40 pounds of the raw material per hour and the M-200 uses 50 pounds per hour. The computer company asked Jackson Hole to produce as many of the cases during the upcoming week as possible; it will pay $18 for each case Jackson Hole can deliver. However, next week is a regularly scheduled vacation period for most of Jackson Hole’s production employees; during this time, annual maintenance is performed for all equipment in the plant. Because of the downtime for maintenance, the M-100 will be available for no more than 15 hours, and the M-200 will be available for no more than 10 hours. However, because of the high setup cost involved with both machines, management requires that each machine must be operated for at least 5 hours. The supplier of the chemical material used in the production process informed Jackson Hole that a maximum of 1000 pounds of the chemical material will be available for next week’s production; the cost for this raw material is $6 per pound. In addition to the raw material cost, Jackson Hole estimates that the hourly cost of operating the M-100 and the M-200 are $50 and $75, respectively. a. Formulate a linear programming model that can be used to maximize the contribution to profit. b. Find the optimal solution.
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.
Jackson Hole Manufacturing is a small manufacturer of plastic products used in the automotive and computer industries. One of its major contracts is with a large computer company and involves the production of plastic printer cases for the computer company’s portable printers. The printer cases are produced on two injection molding machines. The M-100 machine has a production capacity of 25 printer cases per hour, and the M-200 machine has a production capacity of 40 cases per hour. Both machines use the same chemical material to produce the printer cases; the M-100 uses 40 pounds of the raw material per hour and the M-200 uses 50 pounds per hour. The computer company asked Jackson Hole to produce as many of the cases during the upcoming week as possible; it will pay $18 for each case Jackson Hole can deliver. However, next week is a regularly
a. Formulate a linear programming model that can be used to maximize the contribution to profit.
b. Find the optimal solution.
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