C. These are to be produc Alan Industries is expanding its product line to include three new products: A, B, same production equipment, and the objective is to meet the demands for the three products using overtime where necessary. The demand forecast for the next four months in hours required to make each product is PRODUCT APRIL MAY 850 650 650 750 A B C JULY JUNE 850 1,250 1,050 908 Because the products deteriorate rapidly, there is a high loss in quality and, consequently, a high carrying cost when a product is made and carried in inventory to meet future demand. Each hour's production carried into future months co $3 per production hour for A, $4 for Model B. and $5 for Model C Regular time Overtime 750 950 550 750 Production can take place either during regular working hours or during overtime. Regular time is paid at $20 when working on A, $25 for B, and $30 for C. The overtime premium is 50 percent of the regular time cost per hour. The number of production hours available for regular time and overtime is Objective value APRIL 1,550 750 MAY JUNE 1,360 1,850 700 950 Calculate the objective value using Excel Solver. Note: Do not round intermediate calculations. 58,500 JULY 2,000 1,000

C. These are to be produc Alan Industries is expanding its product line to include three new products: A, B, same production equipment, and the objective is to meet the demands for the three products using overtime where necessary. The demand forecast for the next four months in hours required to make each product is PRODUCT APRIL MAY 850 650 650 750 A B C JULY JUNE 850 1,250 1,050 908 Because the products deteriorate rapidly, there is a high loss in quality and, consequently, a high carrying cost when a product is made and carried in inventory to meet future demand. Each hour's production carried into future months co $3 per production hour for A, $4 for Model B. and $5 for Model C Regular time Overtime 750 950 550 750 Production can take place either during regular working hours or during overtime. Regular time is paid at $20 when working on A, $25 for B, and $30 for C. The overtime premium is 50 percent of the regular time cost per hour. The number of production hours available for regular time and overtime is Objective value APRIL 1,550 750 MAY JUNE 1,360 1,850 700 950 Calculate the objective value using Excel Solver. Note: Do not round intermediate calculations. 58,500 JULY 2,000 1,000

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter12: Queueing Models

Section: Chapter Questions

Problem 59P

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A method of estimating future demand usedfor decision making in order to set reasonable targets and control orlimit uncertainties or risks.
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