Concept explainers
To compare: The corner point method and the iso-profit line method of solving graphical problems.
Introduction:
Linear programming:
It is a linear optimization technique followed to develop the best outcome for the problem in hand. The outcome might be of maximum profit or less cost which is represented by a linear relationship. The outcome will take into consideration the constraints present in achieving the solution.
Iso-profit line:
The iso-cost line will maximize the objective function inside the feasible region.
Corner point:
A corner point is a vertex in the feasible region. The corner points will only occur in the corners of a feasible region. The corner points are defined after making the graphical view of the feasible region.
Want to see the full answer?
Check out a sample textbook solutionChapter B Solutions
Operations Management: Sustainability and Supply Chain Management (12th Edition)
- The below data is about Weighted population distances between 6 village hamlets, where the local government body plans to open primary health care facilities. Advise the government about the best sequence to open these outlets since all the outlets cannot be opened at once.arrow_forwardObserving and monitoring data. In the context of a distributed warehouse, the integration of each business intelligence (BI) component can be strategically employed to enhance operational efficiency and decision-making processes?arrow_forwardHanderson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 8.5 kilos 0.4 hours 0.4 hours Standard Price or The company reported the following results concerning this product in August. Actual output Raw materials used in production Purchases of raw materials Rate $ 6.00 per kilo $ 20.00 per hour $ 6.00 per hour 3,200 units 29,030 kilos 31,600 kilos Actual direct labor-hours 1,160 hours Actual cost of raw materials purchases $ 195,920 $ 22,736 Actual variable overhead cost $ 7,540 Actual direct labor cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for August is: Multiple Choice $5,440 Farrow_forward
- Digital Imaging has hired your Analytics Consulting Firm (SJU Analytics) to help determine how many units of each printer they should produce to maximize profit. Construct a Simple Linear Programing Analysis using Excel SOLVER Prepare a presentation to DI’s president presenting your findings and recommendations. Digital Imaging’s Leadership team has providing the following information: Digital Imaging (DI) produces color printers for both the professional and consumer markets. The DI consumer division recently introduced two new color printers. The DI-910 model can produce a borderless color print in approximately 37 seconds. The more sophisticated and faster DI-950 can even produce a borderless color print. Financial projections show profit contributions of $42 for each DI-910 and $87 for each DI-950. The printers are assembled, tested, and packaged at DI’s plant located in New Bern, North Carolina. This plant is highly automated and uses two manufacturing lines to produce the…arrow_forwardThe COSO ERM framework presents eight interrelated components of riskmanagement: 1. the internal environment (the tone of the organization),2. objective-setting,3. event identification,4. risk assessment,5. risk response, 6. control activities,7. information and communications, and8. monitoring. Write brief notes on each of the COSO ERM framework relating it to ISO 31000, whereappropriatearrow_forwardDreamland University has 20 departments. Two of its best departments are the (1) College of Innovation (COI) and (2) Testing Services. The College of Innovation (COI) attempts to teach students the difficult, but useful, skill of innovation. Testing Services grades examinations for professors. How would these two departments be classified? College of Innovation Testing Services A. Service Service B. User Service C. User User D. Service Userarrow_forward
- Can you please assist me with part C? Ive done the caluctions a million times but my calculations are are not adding up. Thank youarrow_forwardDiscuss different key strategic decisions that can be made by a healthcare professional team, department, or organization and how those decisions could have been enhanced by optimization models?arrow_forwardRollin King and Herb Kelleher started Southwest Airlines in 1971 with this idea: if they could take airline passengers where they want to go, on time, at the lowest possible price, and have a good time while doing it, people would love to fly their airline. The result? No other airline in the industry's history has enjoyed the customer loyalty and extended profitability for which Southwest is now famous. The company now flies more than 3,400 times each day to over 64 destinations across the United States There's more to the story, however, than making promises and hoping to fulfill them. A large part of Southwest Airlines' success lies in its ability to plan long-term capacity to better match demand, as also improving the utilization of its fleet by turning around an aircraft at the gate faster than its competitors. Capacity at Southwest is measured in seat miles, and even a single minute reduction in aircraft turnaround time system wide means addi tional seat-miles being added to…arrow_forward
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning