Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Chapter 4.3, Problem 7P
Summary Introduction
To modify: The original model to minimize the objective function to minimize the weekly payroll and to identify if the previous solution is still optimal.
Linear programming:
It is a mathematical modeling procedure where a linear function is maximized or minimized subject to certain constraints. This method is widely useful in making a quantitative analysis which is essential for making important business decisions.
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Consider Miller Chemicals that produces water purification crystals for swimming pools. The major inputs used in the production process are labor, raw materials and energy. The
labor costs are $200,000; raw materials costs are $80,000; and energy costs are $9,000.
Labor costs in year two are $350,000; raw materials costs $95,000; and energy costs $11,000.
Labor costs in year three are $350,000; raw materials costs $40,000; and energy costs $6,000.
Miller Chemical produced 100,000 pounds of crystal in year 1; 150,000 pounds of crystals in year 2, and 184,500 pounds of crystals in
year 3.
(Enter your
The productivity in year two increases/decreases by
numbers only. Do not separate them with a comma or other marks)
and the productivity from year one to year two increases/decreases by
Forrester and Cohen is a small accounting firm, managed by Joseph Cohen since the retirement in December of his partner Brad Forrester. Cohen and his 3 CPAs together bill 620 hours
per month. When Cohen or another accountant bills more than 155 hours per month, he or she gets an additional "overtime" pay of $63.20 for each of the extra hours: this is above and
beyond the $4,900 salary each draws during the month. (Cohen draws the same base pay as his employees.) Cohen strongly discourages any CPA from working (billing) more than 250
hours in any given month. The demand for billable hours for the firm over the next 6 months is estimated below:
Month
Jan.
Feb.
Mar.
Apr.
Estimate of Billable Hours
600
500
1,020
1,230
640
570
May
June
Cohen has an agreement with Forrester, his former partner, to help out during the busy tax season, up to 250 hours in any given month if needed, for an hourly fee of $120. Cohen will not
even consider laying off one of his colleagues in the case of a slow…
Forrester and Cohen is a small accounting firm, managed by Joseph Cohen since the retirement in December of his partner Brad Forrester. Cohen and his 3 CPAS together bill 640 hours per month. When Cohen or another accountant bills more than 160 hours per month, he or she gets an additional "overtime" pay of $63.80
for each of the extra hours: this is above and beyond the $5,100 salary each draws during the month. (Cohen draws the same base pay as his employees.) Cohen strongly discourages any CPA from working (billing) more than 245 hours in any given month. The demand for billable hours for the firm over the next 6 months is
estimated below:
Month
Estimate of Billable Hours
Jan.
600
Feb.
500
Mar.
1,020
Apr.
1,210
May
660
June
590
Cohen has an agreement with Forrester, his former partner, to help out during the busy tax season, up to 245 hours in any given month if needed, for an hourly fee of $135. Cohen will not even consider laying off one of his colleagues in the case of a slow…
Chapter 4 Solutions
Practical Management Science
Ch. 4.2 - Prob. 1PCh. 4.2 - Prob. 2PCh. 4.2 - Prob. 3PCh. 4.2 - Prob. 4PCh. 4.2 - Prob. 5PCh. 4.2 - Prob. 6PCh. 4.3 - Prob. 7PCh. 4.3 - Prob. 8PCh. 4.3 - Prob. 9PCh. 4.3 - Prob. 10P
Ch. 4.3 - Prob. 11PCh. 4.3 - Prob. 12PCh. 4.4 - Prob. 13PCh. 4.4 - Prob. 14PCh. 4.4 - Prob. 15PCh. 4.4 - Prob. 16PCh. 4.4 - Prob. 17PCh. 4.4 - Prob. 18PCh. 4.4 - Prob. 19PCh. 4.5 - Prob. 20PCh. 4.5 - Prob. 21PCh. 4.5 - Prob. 22PCh. 4.5 - Prob. 23PCh. 4.5 - Prob. 24PCh. 4.5 - Prob. 25PCh. 4.6 - Prob. 26PCh. 4.6 - Prob. 27PCh. 4.6 - Prob. 28PCh. 4.6 - Prob. 29PCh. 4.7 - Prob. 30PCh. 4.7 - Prob. 31PCh. 4.7 - Prob. 32PCh. 4.7 - Prob. 33PCh. 4.7 - Prob. 34PCh. 4.7 - Prob. 35PCh. 4.7 - Prob. 36PCh. 4.7 - Prob. 37PCh. 4.7 - Prob. 38PCh. 4.7 - Prob. 39PCh. 4.7 - Prob. 40PCh. 4.8 - Prob. 41PCh. 4.8 - Prob. 42PCh. 4.8 - Prob. 43PCh. 4.8 - Prob. 44PCh. 4 - Prob. 45PCh. 4 - Prob. 46PCh. 4 - Prob. 47PCh. 4 - Prob. 48PCh. 4 - Prob. 49PCh. 4 - Prob. 50PCh. 4 - Prob. 51PCh. 4 - Prob. 52PCh. 4 - Prob. 53PCh. 4 - Prob. 54PCh. 4 - Prob. 55PCh. 4 - Prob. 56PCh. 4 - Prob. 57PCh. 4 - Prob. 58PCh. 4 - Prob. 59PCh. 4 - Prob. 60PCh. 4 - Prob. 61PCh. 4 - Prob. 62PCh. 4 - Prob. 63PCh. 4 - Prob. 64PCh. 4 - Prob. 65PCh. 4 - Prob. 66PCh. 4 - Prob. 67PCh. 4 - Prob. 68PCh. 4 - Prob. 69PCh. 4 - Prob. 70PCh. 4 - Prob. 71PCh. 4 - Prob. 72PCh. 4 - Prob. 73PCh. 4 - Prob. 74PCh. 4 - Prob. 75PCh. 4 - Prob. 76PCh. 4 - Prob. 77PCh. 4 - Prob. 78PCh. 4 - Prob. 79PCh. 4 - Prob. 80PCh. 4 - You want to take out a 450,000 loan on a 20-year...Ch. 4 - Prob. 82PCh. 4 - Prob. 83PCh. 4 - Prob. 84PCh. 4 - Prob. 85PCh. 4 - Prob. 86PCh. 4 - Prob. 87PCh. 4 - Prob. 88PCh. 4 - Prob. 89PCh. 4 - Prob. 90PCh. 4 - Prob. 91PCh. 4 - Prob. 92PCh. 4 - Prob. 93PCh. 4 - Prob. 94PCh. 4 - Prob. 95PCh. 4 - Prob. 96PCh. 4 - Prob. 97PCh. 4 - Prob. 98PCh. 4 - Prob. 99PCh. 4 - Prob. 100PCh. 4 - Prob. 101PCh. 4 - Prob. 102PCh. 4 - Prob. 103PCh. 4 - Prob. 104PCh. 4 - Prob. 105PCh. 4 - Prob. 106PCh. 4 - Prob. 107PCh. 4 - Prob. 108PCh. 4 - Prob. 109PCh. 4 - Prob. 110PCh. 4 - Prob. 111PCh. 4 - Prob. 112PCh. 4 - Prob. 113PCh. 4 - Prob. 114PCh. 4 - Prob. 115PCh. 4 - Prob. 116PCh. 4 - Prob. 117PCh. 4 - Prob. 118PCh. 4 - Prob. 119PCh. 4 - Prob. 120PCh. 4 - Prob. 121PCh. 4 - Prob. 122PCh. 4 - Prob. 123PCh. 4 - Prob. 124PCh. 4 - Prob. 125PCh. 4 - Prob. 126PCh. 4 - Prob. 127PCh. 4 - Prob. 128PCh. 4 - Prob. 129PCh. 4 - Prob. 130PCh. 4 - Prob. 131PCh. 4 - Prob. 132PCh. 4 - Prob. 133PCh. 4 - Prob. 134PCh. 4 - Prob. 135P
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