It has become essential for the prosperity and growth of the field of Operation Research in a competitive business environment. The growing importance of new techniques has highlighted the need for developing operations to conduct research into models that will be of practical use. Give an example of Linear Programming Simplex Method with provided problem, solution, answer and conclusion
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It has become essential for the prosperity and growth of the field of Operation Research in a competitive business environment. The growing importance of new techniques has highlighted the need for developing operations to conduct research into models that will be of practical use.
Give an example of Linear Programming Simplex Method with provided problem, solution, answer and conclusion
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- There are several types of linear-programming models that exhibit a special structure which can be exploited in the construction of efficient algorithms for solutions to an organisation’s challenges Efficient production planning is a key condition for a production system’s success, which considers the real-world resource limitations such as budget, time and labour. A study is being conducted to develop linear and goal programming models in an attempt to optimise the daily production outputs of your organisation in producing various product mixes. The two goals considered are: Minimising overtime, and maximising the utility of machines used in the production process. please answer the two bolded onesThere are several types of linear-programming models that exhibit a special structure which can be exploited in the construction of efficient algorithms for solutions to an organisation’s challenges. Efficient production planning is a key condition for a production system’s success, which considers the real-world resource limitations such as budget, time and labour. A study is being conducted to develop linear and goal programming models in an attempt to optimise the daily production outputs of your organisation in producing various product mixes. The three goals considered are: maximising the daily sales profits, minimising overtime, and maximising the utility of machines used in the production process. REQUIRED: You are required to develop an efficient solution through the application of linear and goal programming, to a concisely defined problem through examining a situation in a company of your choice to determine the optimal solution to be implemented. Generate a title of your…Hickingbottom Corporation has two production departments, Forming and Finishing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Forming Department's predetermined overhead rate is based on machine-hours and the Finishing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Forming FinishingMachine-hours 17,000 15,000Direct labor-hours 1,000 7,000Total fixed manufacturing overhead cost $ 96,900 $ 65,800Variable manufacturing overhead per machine-hour $ 2.00 Variable manufacturing overhead per direct labor-hour $ 3.60 During the current month the company started and finished Job M381. The following data were recorded for this job: Job M381: Forming FinishingMachine-hours 80 30Direct labor-hours 30 40Direct materials $ 840 $ 350Direct labor cost $ 750 $ 1,000The total job cost for Job M381 is closest…
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