The East Midvale Textile Company produces denim and brushed-cotton cloth. The average production rate for both types of cloth is 1,000 yards per hour, and the normal weekly production capacity (running two shifts) is 80 hours. The marketing department estimates that the maximum weekly demand is for 60,000 yards of denim and 35,000 yards of brushed cotton. The profit is $3.00 per yard for denim and $2.00 per yard for brushed cotton. The company has established the following four goals, listed in order of importance: (1) Eliminate underutilization of production capacity to maintain stable employment levels. (2) Limit overtime to 10 hours. (3) Meet demand for denim and brushed cotton weighted according to profit for each. (4) Minimize overtime as much as possible. a. Formulate a goal programming model to determine the number of yards (in 1,000-yard lots) to produce to satisfy the goals. b. Solve this model by using the computer.
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.
The East Midvale Textile Company produces denim and brushed-cotton cloth. The average production
rate for both types of cloth is 1,000 yards per hour, and the normal weekly production
capacity (running two shifts) is 80 hours. The marketing department estimates that the maximum
weekly demand is for 60,000 yards of denim and 35,000 yards of brushed cotton. The
profit is $3.00 per yard for denim and $2.00 per yard for brushed cotton. The company has established
the following four goals, listed in order of importance:
(1) Eliminate underutilization of production capacity to maintain stable employment levels.
(2) Limit overtime to 10 hours.
(3) Meet demand for denim and brushed cotton weighted according to profit for each.
(4) Minimize overtime as much as possible.
a. Formulate a goal programming model to determine the number of yards (in 1,000-yard lots)
to produce to satisfy the goals.
b. Solve this model by using the computer.
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