Norm and his buddies make shelving units, bathroom vanities, and kitchen islands in their spare time. The kitchen islands sell for $1,100, the shelving units sell for $500, and the bathroom vanities sell for $950. For a typical month, the team has 1,000 board feet of lumber, 400 hours of assembly time, and 100 hours of fabrication time available. Each kitchen island uses 40 board feet of lumber, takes 50 hours to assemble, and requires 3 hours of fabrication time. A shelving unit needs 30 board feet of lumber and requires 10 hours of assembly and 1 hour of fabrication. A bathroom vanity takes 25 board feet of lumber and 30 hours of assembly and 4 hours of fabrication. Which of these is an appropriate constraint? a. (40 × Island) + (30 × Shelves) + (25 × Vanity) = 1,000 b. (40 × Island) + (30 × Shelves) + (25 × Vanity) ≤ 1,000 c. (50 × Island) + (10 × Shelves) + (30 × Vanity) ≥ 40 d. (40 × Island) + (30 × Shelves) + (25 × Vanity) = (50 × Island) + (10 × Shelves) + (30 × Vanity)
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.
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Norm and his buddies make shelving units, bathroom vanities, and kitchen islands in their spare time. The kitchen islands sell for $1,100, the shelving units sell for $500, and the bathroom vanities sell for $950. For a typical month, the team has 1,000 board feet of lumber, 400 hours of assembly time, and 100 hours of fabrication time available. Each kitchen island uses 40 board feet of lumber, takes 50 hours to assemble, and requires 3 hours of fabrication time. A shelving unit needs 30 board feet of lumber and requires 10 hours of assembly and 1 hour of fabrication. A bathroom vanity takes 25 board feet of lumber and 30 hours of assembly and 4 hours of fabrication.
Which of these is an appropriate constraint?
a. (40 × Island) + (30 × Shelves) + (25 × Vanity) = 1,000
b. (40 × Island) + (30 × Shelves) + (25 × Vanity) ≤ 1,000
c. (50 × Island) + (10 × Shelves) + (30 × Vanity) ≥ 40
d. (40 × Island) + (30 × Shelves) + (25 × Vanity) = (50 × Island) + (10 × Shelves) + (30 × Vanity)
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