t spend 1.6 man hours on the set assembly line. The daily available man hours on this line is 240. A black and white television set requires 0.5 man hours of testing- and final inspection whereas a coloured set requires 2 man hours. The total available man hours per day for testing and inspection is 162. Formulate and solve the problem using simplex method so that the profit is maximized.
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.
A manufacturer has production facilities for assembling two different types of television sets. These facilities can be used to assemble both black and white and coloured sets. At the present time the firm is producing only one model of each type of set. The black and white set contributes Rs. 150 towards profit while a coloured set contributes Rs. 450 towards profit. The number of coloured television sets manufactured everyday cannot exceed 50 as the number of coloured picture tubes available everyday is 50. Each black and white set requires 6 man-hours of chassis assembly time, whereas each coloured set requires 18 man hours. The daily available man hours for the chassis assembly line is 1800. A black and white set must spend one man hour on the set assembly line whereas a coloured set must spend 1.6 man hours on the set assembly line. The daily available man hours on this line is 240. A black and white television set requires 0.5 man hours of testing- and final inspection whereas a coloured set requires 2 man hours. The total available man hours per day for testing and inspection is 162.
Formulate and solve the problem using simplex method so that the profit is maximized.
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