(Linear Objective Function and Optimization Application) On a special occasion, renowned electronic giant retailer Best Buy sold a variety of TVs at a discounted prices or on huge sales. Task-1: Write down an appropriate equation for the net profit function, P in order to account for the net profit made by Best Buy after selling: (i) x-number of televisions (TVs) that made $250 profit on the sale of each SONY TVs (ii) y-number of televisions that made $10,500 profit on the sale of each PHILIP TVs respectively, in that event. Task-2: Profit margin, P as discussed in Task-1 was subject to the following constraints applied to the products. a. Maximum cost price was $5000 to manufacture each piece of SONY TVs and $10,000 to manufacture each piece of PHILIP TVs respectively. All TVs were manufactured at a maximum cost of $10 x106 as given in Plot No 1: Plot No. 1: ($5000 x + $ 10000y) ≤ $10 million; Graph the Plot No. 1 up to the scale in a paper. b. 10 and 150 employees worked to assemble x-number of SONY TVs and y-number of PHILIP TVs respectively, for a maximum of 46000 working hours as expressed below in Plot No. 2: Plot No. 2: (10x+150y) ≤ 46000; Graph the Plot No. 2 up to the scale in the same paper. c. Relative demand of the SONY TVs and PHILIP TVs in the market was found to be in proportion as given below: Plot No. 3: y ≥ (x+30) 2 ; Graph the Plot No. 3 up to the scale in the same paper. Task-3: Determine the optimal quantities of SONY TVs (x0) and Philip TVs (y0) that needed to be sold to maximize the profit (P) in this event that was subject to the constraints as mentioned above in Task-2. Task-4: What is the maximum profit (PMax) that Best Buy could have made by
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.
(Linear Objective Function and Optimization Application)
On a special occasion, renowned electronic giant retailer Best Buy sold a variety of TVs at a discounted prices or on huge sales.
Task-1: Write down an appropriate equation for the net profit function, P in order to account for the net profit made by Best Buy after selling:
(i) x-number of televisions (TVs) that made $250 profit on the sale of each SONY TVs
(ii) y-number of televisions that made $10,500 profit on the sale of each PHILIP TVs respectively, in that event.
Task-2: Profit margin, P as discussed in Task-1 was subject to the following constraints applied to the products.
a. Maximum cost price was $5000 to manufacture each piece of SONY TVs and $10,000 to manufacture each piece of PHILIP TVs respectively. All TVs were manufactured at a maximum cost of $10 x106 as given in Plot No 1: Plot No. 1: ($5000 x + $ 10000y) ≤ $10 million; Graph the Plot No. 1 up to the scale in a paper.
b. 10 and 150 employees worked to assemble x-number of SONY TVs and y-number of PHILIP TVs respectively, for a maximum of 46000 working hours as expressed below in Plot No. 2: Plot No. 2: (10x+150y) ≤ 46000; Graph the Plot No. 2 up to the scale in the same paper.
c. Relative demand of the SONY TVs and PHILIP TVs in the market was found to be in proportion as given below: Plot No. 3: y ≥ (x+30) 2 ; Graph the Plot No. 3 up to the scale in the same paper.
Task-3: Determine the optimal quantities of SONY TVs (x0) and Philip TVs (y0) that needed to be sold to maximize the profit (P) in this event that was subject to the constraints as mentioned above in Task-2.
Task-4: What is the maximum profit (PMax) that Best Buy could have made by selling x0 SONY TVs and y0 PHILIP TVs?
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