What is the amount of increase in profit for each Machine Hour added and what is the maximum number of yards that can be added for this amount of profit increase?
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.
What is the amount of increase in profit for each Machine Hour added and what is the maximum number of yards that can be added for this amount of profit increase?
![Machine Hours
1.5
3
< 200
3.8333
per Item
=
MIN NUMBER OF 1
> 25
CHAIRS
Solution->
100
16.6667
2116.
667
RANGING TABLE
Original
Val
Variable
Value
Reduced
Lower
Upper
Bound
Cost
Bound
LOUNGE CHAIRS
100
|17
12.5
20.83
SMALL SOFA
16.67
25
20.4
34
Original
Val
Constraint
Dual
Slack/
Lower
Upper
Bound
Value
Surplus
Bound
FRAMING LABOR per
50
500
450
Infinity
item
CUTTING LABOR per
item
300
4.5
225
320
Yards of Material per
25
850
825
Infinity
Item
Machine Hours per Item 3.83
200
180
211.11
MIN NUMBER OF
75
25
100
CHAIRS](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec2937f9-36f2-4f7d-ab0a-c8e482869dab%2F47e1db09-3b97-4126-ac57-73af27923688%2Fb3mc75k_processed.png&w=3840&q=75)
![A company produces Lounge Chairs and Small Sofas. It uses Two Labor Types (Framing and
Cutting time per item in hours), Material and a Machine in the manufacturing process.
Management has put a minimum on the number (25) of Lounge Chairs which must be
produced. The profit per Lounge Chair is $17.00 and per Small Sofa is $25.00. Below are the
LP formulation and the QM results tables.
PROBLEM STATEMENT
LOUNGE
SMALL
RHS Equation form
CHAIRS
SOFA
Maximize
Max 17LOUNGE CHAIRS +
25SMALL SOFA
17
25
FRAMING LABOR 3.5
6
< 500
3.5LOUNGE CHAIRS + 6SMALL
SOFA <= 500
per item
CUTTING LABOR 2.5
per item
3
< 300
2.5LOUNGE CHAIRS + 3SMALL
SOFA <= 300
Yards of Material 6.5
10.5
< 850
6.5LOUNGE CHAIRS +
per Item
10.5SMALL SOFA <= 850
=
< 200
Machine Hours
per Item
MIN NUMBER OF 1
1.5
3
1.5LOUNGE CHAIRS + 3SMALL
SOFA <= 200
%3D
> 25
LOUNGE CHAIRS >= 25
CHAIRS
OPTIMAL SOLUTION
LOUNGE
SMALL
RHS Dual
CHAIRS
SOFA
Maximize
17
25
FRAMING LABOR 3.5
< 500
per item
CUTTING LABOR 2.5
per item
Yards of Material
per Item
3
< 300
4.5
6.5
10.5
< 850
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