The Primo Insurance Company is introducing two new product lines: special risk insuranceand mortgages. The expected profit is $5 per unit on special risk insurance and $2 per unit onmortgages.Management wishes to establish sales quotas for the new product lines to maximize totalexpected profit. The work requirements are shown belowDepartmentUnderwritingAdministrationWork-Hours per UnitSpecialRisk3MortgageWork-HoursAvailabled) Solve graphically submit on scanned graph paper(e) Solve in excel using the template provided (2,4008001,200Claimsa) Identify verbally the decisions to be made, the objective and the constraints(b) Formulate the problem in table form(c) Formulate the problem algebraically(

Objective Functions and Constraints: Based on the given details, the objective…

Answered: The Primo Insurance Company is…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Similar questions

Please complete all work in excel. Use excel to make any necessary calculations and be sure to identify the answer, including units (if necessary). 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…
11-19 The Laurenster Corporation needs to set up an assembly line to produce a new product. The following table describes the relationships among the activities that need to be completed for this product to be manufactured. Modified Problem 11-19: Solve the problem, assuming the following data has changed for 3 activities: - Activity A: a = 4; m =7; b =6 - Activity B: a = 6; m = 9; b = 12 - Activity I: a = 4; m = 5; b = 7 Note to correct a textbook typo: Immediate Predecessors for Activity H are: E, F and G a) Develop the project network for this problem. b) Determine the expected duration, variance and standard deviation for each activity. c) Determine ES, EF, LS, LF and slack time for each activity. d) Determine the total project completion time and critical path(s). e) Determine the probability that the project will be completed in 34 days or less. f) Determine the probability that the project will take longer than 29 days or less.
The Barberton Municipal division of Road Maintenance is charged with road repair in the city of Barberton and the surrounding area. Vijay Gupta, road maintenance director, must submit a staffing plan for the next year based on a set schedule for repairs and on the city budget. Gupta estimates that the labor hours required for the next four quarters are 6,500 , 12,500 , 19,500 , and 10,000 , respectively. Each of the 11 workers on the workforce can contribute 500 hours per quarter. Payroll costs are $ 6,000 in wages per worker for regular time worked up to 500 hours, with an overtime pay rate of $ 19 for each overtime hour. Overtime is limited to 20 percent of the regular-time capacity in any quarter. Although unused overtime capacity has no cost, unused regular time is paid at $ 12 per hour. The cost of hiring a worker is $ 3,600 , and the cost of laying off a worker is $ 1,000. Subcontracting is not permitted. (Hint: When calculating the number of workers,…
The Barberton Municipal division of Road Maintenance is charged with road repair in the city of Barberton and the surrounding area. Vijay Gupta, road maintenance director, must submit a staffing plan for the next year based on a set schedule for repairs and on the city budget. Gupta estimates that the labor hours required for the next four quarters are 6,500, 13,000, 20,000, and 9,500, respectively. Each of the 11 workers on the workforce can contribute 500 hours per quarter. Payroll costs are $6,000 in wages per worker for regular time worked up to 500 hours, with an overtime pay rate of $18 for each overtime hour. Overtime is limited to 20 percent of the regular-time capacity in any quarter. Although unused overtime capacity has no cost, unused regular time is paid at $12 per hour. The cost of hiring a worker is $3,400, and the cost of laying off a worker is $1,600. Subcontracting is not permitted. (Hint: When calculating the number of workers, make sure to round up to…
The Barberton Municipal division of Road Maintenance is charged with road repair in the city of Barberton and the surrounding area. Vijay Gupta, road maintenance director, must submit a staffing plan for the next year based on a set schedule for repairs and on the city budget. Gupta estimates that the labor hours required for the next four quarters are 6,000, 12,500, 20,000, and 9,500, respectively. Each of the 11 workers on the workforce can contribute 500 hours per quarter. Payroll costs are $6,000 in wages per worker for regular time worked up to 500 hours, with an overtime pay rate of $17 for each overtime hour. Overtime is limited to 20 percent of the regular-time capacity in any quarter. Although unused overtime capacity has no cost, unused regular time is paid at $12 per hour. The cost of hiring a worker is $3,400, and the cost of laying off a worker is $1,800. Subcontracting is not permitted. (Hint: When calculating the number of workers, make sure to round up to the…
2. As part of a quality improvement initiative, Consolidated Electronics employees complete a three-day training program on teaming and a two-day training program on problem solving. The manager of quality improvement has requested that at least 8 training programs on teaming and at least 10 training programs on problem solving be offered during the next six months. In addition, senior-level management has specified that at least 25 training programs must be offered during this period. Consolidated Electronics uses a consultant to teach the training programs. During the next quarter, the consultant has 84 days of training time available. Each training program on teaming costs $10,000 and each training program on problem solving costs $8000. a. Formulate a linear programming model that can be used to determine the number of training programs on teaming and the number of training programs on problem solving that should be offered in order to minimize total cost. b. Determine the optimal…
Cassia Umi, president, heads Personal Trainer’s management team. Three managers report to herat the firm’s Chicago headquarters: Janet McDonald, manager, finance; Tai Tranh, manager, salesand marketing; and Reed Curry, manager, operations. The managers who run the 12 existing centers all report to Reed. Cassia wants the new supercenter to emphasize a wide variety of personalservices and special programs for members. If the supercenter approach is successful, it willbecome the model for Personal Trainer’s future growth. Cassia personally selected Gray Lewis, amanager with three years of fitness center experience, to run the new facility.The new supercenter will feature a large exercise area with state-of-the-art equipment, a swimming pool, a sporting goods shop, a health food store, and a snack bar. In addition, the center willoffer child care with special programs for various ages, a teen center, and a computer café. Cassiaalso wants members to have online access to customized training…
CVP Analysis Lawn Master Company, a manufacturer of riding lawn mowers, has a projectedincome for the coming year as follows:Sales $46,000,000Operating expenses:Variable expenses $32,200,000Fixed expenses 7,500,000Total expenses 39,700,000Operating profit $ 6,300,000Required1. Determine the breakeven point in sales dollars.2. Determine the required sales in dollars to earn a before-tax profit of $8,000,000.3. What is the breakeven point in sales dollars if the variable expenses increases by 12%?
Tally Corp. sells softwares during the recruiting seasons. During the current year, 14,000 software packages were sold resulting in $460,000 of sales revenue, $110,000 of variable costs, and $50,000 of fixed costs. Contribution margin per software is
Bob Carlton's golf camp estimates the following workforce requirements for its services over the next two years: Quarter 1 2 3 4 5 6 7 8 Demand (hrs) 4,300 6,400 3,200 5,000 4,500 6,300 3,600 5,000 Each certified instructor puts in 480 hours per quarter regular time and can work an additional 120 hours overtime. Regular-time wages and benefits cost Carlton $7,200 per employee per quarter for regular time worked up to 480 hours, with an overtime cost of $20 per hour. Unused regular time for certified instructors is paid at $15 per hour. There is no cost for unused overtime capacity. The cost of hiring, training, and certifying a new employee is $10,000. Layoff costs are $4,000 per employee. Currently 8 employees work in this capacity. a. Find a workforce plan using the level strategy that allows for no delay in service. It should rely only on overtime and the minimum amount of undertime necessary. What is the total cost of the…
Bob Carlton's golf camp estimates the following workforce requirements for its services over the next two years: Quarter 1 2 3 4 5 6 7 8 Demand (hrs) 4,300 6,400 3,200 5,000 4,500 6,300 3,600 5,000 Each certified instructor puts in 480 hours per quarter regular time and can work an additional 120 hours overtime. Regular-time wages and benefits cost Carlton $7,200 per employee per quarter for regular time worked up to 480 hours, with an overtime cost of $20 per hour. Unused regular time for certified instructors is paid at $15 per hour. There is no cost for unused overtime capacity. The cost of hiring, training, and certifying a new employee is $10,000. Layoff costs are $4,000 per employee. Currently 8 employees work in this capacity. a. Find a workforce plan using the level strategy that allows for no delay in service. It should rely only on overtime and the minimum amount of undertime necessary. What is the total cost of the…
A steel workshop PT BESI KUAT wants to improve its productivity to make hookssmall iron by changing the layout of the workshop in the form of a workstation. The repair shop hasmake observations of the activities of workers in the workshop and arrange these activitiesin tabular form below Activity Duration ( Sec) predessor A 17 None B 15 A C 18 B D 8 B E 12 B F 6 C,D,E G 14 F The workshop aims to produce 225 small metal hooks for 2 hours. Based on this information, please answer the questions below. i. Sketch a precedence diagram of the above activityii. Calculate the cycle time and the minimum number of workstations that must be builtiii. Make a grouping of these workstationsiv. Calculate the efficiency of the work with the workstation

SEE MORE QUESTIONS

Recommended textbooks for you

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Practical Management Science

Operations Management

ISBN:

9781337406659

Author:

WINSTON, Wayne L.

Publisher:

Cengage,

Operations Management

ISBN:

9781259667473

Author:

William J Stevenson

Publisher:

McGraw-Hill Education

Operations and Supply Chain Management (Mcgraw-hi…

Operations Management

ISBN:

9781259666100

Author:

F. Robert Jacobs, Richard B Chase

Publisher:

McGraw-Hill Education

Business in Action

Operations Management

ISBN:

9780135198100

Author:

BOVEE

Publisher:

PEARSON CO

Purchasing and Supply Chain Management

Operations Management

ISBN:

9781285869681

Author:

Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson

Publisher:

Cengage Learning

Production and Operations Analysis, Seventh Editi…

Operations Management

ISBN:

9781478623069

Author:

Steven Nahmias, Tava Lennon Olsen

Publisher:

Waveland Press, Inc.

SEE MORE TEXTBOOKS