Problem 8-12Alan Industries is expanding its product line to include three new products: A, B, and C. These are to be produced on the same production equipment, and the objective is to meet thedemands for the three products using overtime where necessary. The demand forecast for the next four months, in hours required to make each product is:PRODUCTABCAPRIL800Regular timeOvertime600700Objective valueMAY600700500Because the products deteriorate rapidly, there is a high loss in quality and, consequently, a high carrying cost when a product is made and carried in inventory to meet future demand.Each hour's production carried into future months costs $3 per production hour for A, $4 for Model B, and $5 for Model C.Production can take place either during regular working hours or during overtime. Regular time is paid at $4 when working on A, $5 for B, and $6 for C. The overtime premium is 50percent of the regular time cost per hour.The number of production hours available for regular time and overtime isAPRIL1,500700JUNE800900700MAY1,300650Calculate the objective value using Excel Solver.JULY1,2001,100850JUNE1.800900JULY2,0001,000

Find the Given details below: Given details: Product April May June July A 800 600 800 1200…

Answered: Alan Industries is expanding its…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter9: Decision Making Under Uncertainty

Section: Chapter Questions

Problem 46P

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