RVW buys 15 used VW's at each of two car auctions each week held at different locations. It then transports the cars to repair shops it contracts with. When they are restored to RVW's specifications, RVW sells 10 each to three different used car lots. There are various costs associated with the average purchase and transportation prices form each auction to each repair shop. Also, there are transportation costs from the repair shops to the used car lots. RVW is concerned with minimizing its total cost given the costs in the table below. Repair Shops S1 S2 Used Car lots L1 L2 L3 Auction 1 550 500 S1 250 300 500 Auction 2 600 450 S2 52 350 650 450 What is the minimum Cost 29000 17500 32000 25500
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon spawn during a 24-hour period and must be canned immediately. Tinkan has the following agreement with the salmon industry. The company can deliver as many cans as it chooses. Then the salmon are caught. For each can by which Tinkan falls short of the salmon industrys needs, the company pays the industry a 2 penalty. Cans cost Tinkan 1 to produce and are sold by Tinkan for 2 per can. If any cans are left over, they are returned to Tinkan and the company reimburses the industry 2 for each extra can. These extra cans are put in storage for next year. Each year a can is held in storage, a carrying cost equal to 20% of the cans production cost is incurred. It is well known that the number of salmon harvested during a year is strongly related to the number of salmon harvested the previous year. In fact, using past data, Tinkan estimates that the harvest size in year t, Ht (measured in the number of cans required), is related to the harvest size in the previous year, Ht1, by the equation Ht = Ht1et where et is normally distributed with mean 1.02 and standard deviation 0.10. Tinkan plans to use the following production strategy. For some value of x, it produces enough cans at the beginning of year t to bring its inventory up to x+Ht, where Ht is the predicted harvest size in year t. Then it delivers these cans to the salmon industry. For example, if it uses x = 100,000, the predicted harvest size is 500,000 cans, and 80,000 cans are already in inventory, then Tinkan produces and delivers 520,000 cans. Given that the harvest size for the previous year was 550,000 cans, use simulation to help Tinkan develop a production strategy that maximizes its expected profit over the next 20 years. Assume that the company begins year 1 with an initial inventory of 300,000 cans.After applying the NWC Rule for the initial tableau of the given transportation model, evaluate the vacant cells. What is the cell which has the most negative evaluation value and what is the cell evaluation value? DESTINATION SOURCE DEMAND X Y N OX-R; 1 OY-S; -1 OX-S; -1 OY-S; -2 P 75 8 12 EI 11 Q 80 5 8 11 R 120 7 10 10 S 50 11 13 14 SUPPLY 100 125 100 325
- Daily demand for a type of sandwich sold at DoorRed Cafe (DRC) is normally distributed with a mean of 65 and a standard deviation of 27. DRC orders the sandwiches from a wholesaler (everyday morning before 5:30 AM) at a wholesale price of $4 per sandwich and sells them at a retail price of $7 per sandwich. Pursuant to the contract between DRC and its wholesaler, the transportation cost is currently borne by the wholesaler. The wholesaler does not take back any unsold sandwiches. However, DRC can sell any unsold inventory at a discounted price of $3 after 5:00 PM every day. d) Now suppose that the contract between DRC and its wholesaler expires and pursuant to the new contract, if DRC orders more than 56 sandwiches (anything more than or equal to 57), the transportation cost is no longer borne by the wholesaler and DRC will have to pay $30 for transportation. If DRC orders less than or equal to 56, the transportation cost for DRC is still zero. What is DRC’s optimal order quantity for…LPM Corp. produces and sells two types of frozen burgers, Turkey Burgers and Veggie Burgers. In the most recent month, the firm sold 12,000 Turkey Burgers and 8,000 Veggie Burgers. Turkey Burgers sold for $14.00 per box and variable costs were $7.40 per box. The Veggie Burgers sold for $16.00 per box and variable costs were $8.25 per box. The fixed expenses of the entire company were $41,160. If the sales mix were to shift toward the Turkey Burgers product line with total sales volume remaining constant at 20,000, the overall break-even point for the entire company:Three suppliers A, B and C, each produce road grit which has to be delivered to council depots W, X, Y and Z. The stock held at each supplier and the demand from each depot is known. The cost, in pounds, of transporting one lorry load of grit from each supplier to each depot is also known. This information is given in the table. Suppliers Depot W Depot X Depot Y Depot Z Stock (Lorry Loads) Supplier A 180 110 130 290 14 Supplier B 190 250 150 280 16 Supplier C 240 270 190 120 20 Demand (Lorry Loads) 11 15 14 10 50 Use VAT method to supply out all the stocks
- Problem 20-10 (Algo) You are a newsvendor selling San Pedro Times every morning. Before you get to work, you go to the printer and buy the day's paper for $0.45 a copy. You sell a copy of San Pedro Times for $1.40. Daily demand is distributed normally with mean = 340 and standard deviation = 68. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Round your z-value to 2 decimal places and final answer to to 2 decimal places.) 8 Answer is complete but not entirely correct. Optimal order quantity 0.05 b. Based on a, what is the probability that you will run out of stock? (Round your answer to the nearest whole number.) * Answer is complete but not entirely correct. Probability 3 X %Problem 20-10 (Algo) You are a newsvendor selling San Pedro Times every morning. Before you get to work, you go to the printer and buy the day’s paper for $0.50 a copy. You sell a copy of San Pedro Times for $1.25. Daily demand is distributed normally with mean = 335 and standard deviation = 67. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Round your z-value to 2 decimal places and final answer to to 2 decimal places.) b. Based on a, what is the probability that you will run out of stock? (Round your answer to the nearest whole number.)Problem 20-10 (Algo) You are a newsvendor selling San Pedro Times every morning. Before you get to work, you go to the printer and buy the day's paper for $0.30 a copy. You sell a copy of San Pedro Times for $1.10. Daily demand is distributed normally with mean = 265 and standard deviation = 53. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Round your z-value to 2 decimal places and final answer to to 2 decimal places.) Optimal order quantity b. Based on a, what is the probability that you will run out of stock? (Round your answer to the nearest whole number.) Probability
- The village board of Park City, Utah, arranges for the clearing of all snow in city streets. Weekly snowfall during the winter is normally distributed with a mean of 10 inches and a standard deviation of 4 inches. The board is considering a long term contract with a snow removal company. The long- term contract costs $1000 per truck per week. Thus, if the board signs a long-term contract for 12 inches, they pay $12,000 per week whether the trucks are used or not. Each truck is capable of clearing 1 inch of snow per week. If snowfall in a week exceeds the quantity that can be handled by the trucks included in the long term lease, the board must make emergency arrangements at a cost of $2,500 for each additional truck brought in. For how many trucks should the board sign a long term contract?Demand for stereo headphones and music players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for this year was as follows: MONTH DEMAND (UNITS) January 4,150 February 4,250 March 3,950 April 4,350 May 4,950 June 4,650 July 5,250 August 4,850 September 5,350 October 5,650 November 6,250 December 5,950 a. Using linear regression analysis, what would you estimate demand to be for each month next year? Using a spreadsheet, follow the general format in Exhibit 3.8. (Do not round intermediate calculations. Round your answers to 2 decimal places.) b. To be reasonably confident of meeting demand, Nina decides to use 3 standard errors of estimate for safety. How many additional units should be held to meet this…13.2 A company manufactures component parts for machine tools in North America and ships them to Southeast Asia for assembly and sale in the local market. The components are shipped by sea, transit time averages 6 weeks, and the shipping costs $2700 per shipment. The company is considering moving the parts by air at an estimated cost of $7500; the shipment taking 2 days to get there. If inventory in transit for the shipment costs $125 per day, should they ship by air?