inventories
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Formulate this problem as an LP (do not solve, just formulate)
ABC company produces and sells wooden desks. The demand is forecasted for each
month of the next year. The company currently has 20 employees and each employee
can produce 30 desks in a month. The monthly salary of each employee is $110. Since
raw material cost change at each month, the production costs are different for each
month of the year. Excessive amount produced in a month can be stored in the
inventory for use in the following months. However, the storage space has a capacity
of 300 desks in total. The inventory holding costs are also different at each month. In
order to satisfy excessive demand in a month, the company may use its inventories,
may implement overtime working hours, or hire additional workers. The total overtime
production for each worker at each month can be at most 10% of the regular time
production. Also the overtime production cost is different than the regular time
production cost. Furthermore, the maximum number of workers who can work in the
company at the same time is 25. It is also possible to fire the workers but the workforce
cannot be less than 15. Hiring and firing costs differ each month. The objective function is to minimize the total cost.
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