Linear Programming Problem The Pyrotec Company produces three small kitchen appliances – waffle makers, egg cookers, and toasters. The three products have the following requirements: Resource Requirements Metal Materials/unit Plastic Materials /unit Labor hours/unit Waffle maker 3.1 lb 0.5 lb .7 Egg cooker 1.5 lb 0.7 lb 1 Toaster 2.0 lb 0.3 lb .5 Resource costs are $3 per pound of metal, $2.90 per pound of plastic and $10.00 per hour for labor. Available resources are 200 pounds of metal, 250 pounds of plastic and 350 hours of labor. Based on market research, the company expects the maximum demand for waffle makers is 50 and for egg cookers is 75. The company has a contract to supply 25 toasters to a local department store. Waffle makers will be sold for 24.99, egg cookers will be sold for 19.99 and Toasters will sell for 14.99 The company wants to know the optimal product mix that will maximize profit. Part A. Write the Linear Programming formulation for this problem to help determine the best production mix of the three appliances that will maximize profit Part B. Set up & run the problem in Excel Solver. Report the optimal solution and profit result
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Linear Programming Problem
The Pyrotec Company produces three small kitchen appliances – waffle makers, egg cookers, and toasters. The three products have the following requirements:
|
|
Resource Requirements |
|
|
|
|
Metal Materials/unit |
Plastic Materials /unit |
Labor hours/unit |
|
Waffle maker |
3.1 lb |
0.5 lb |
.7 |
|
Egg cooker |
1.5 lb |
0.7 lb |
1 |
|
Toaster |
2.0 lb |
0.3 lb |
.5 |
Resource costs are $3 per pound of metal, $2.90 per pound of plastic and $10.00 per hour for labor.
Available resources are 200 pounds of metal, 250 pounds of plastic and 350 hours of labor.
Based on
Waffle makers will be sold for 24.99, egg cookers will be sold for 19.99 and Toasters will sell for 14.99
The company wants to know the optimal product mix that will maximize profit.
Part A. Write the Linear Programming formulation for this problem to help determine the best production mix of the three appliances that will maximize profit
Part B. Set up & run the problem in Excel Solver.
Report the optimal solution and profit result
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