What is minimum cost of the optimal production plan

Assignment Help Operation Management
Reference no: EM131110069

The forecasted demand is 1500, 1600, 1300, 1100, for quarters 1,2,3,4, respectively. The beginning and ending annual inventory is allowed, unit carrying cost of $2/item/quarter, hiring cost is $92/worker, firing cost is $84/worker, and the labor standard is 6.5 hours/unit. What is the minimum cost of the optimal production plan where the total annual cost consists of carring, hiring, and firing?

Reference no: EM131110069

Questions Cloud

Imitate biological organic functions : 1. Composites designed to be insulators, conductors of heat, electricity etc., special electromagnetic properties while maintaining other special properties (these are more traditional multifunctional composites).2. Biologically based or inspired mat..
Jana kingston corporation enters into a lease : Jana Kingston Corporation enters into a lease on January 1, 2011, that does not transfer ownership or contain a bargain-purchase option.
What are some of the vitiating factors in law of contract : What are some of the vitiating factors in law of contract? List them briefly. Any four factors. You can answer in prise form if you find it suitable
Draw the figure generated by the following algorithm : Images generated by certain recursive algorithms are sometimes called fractal images.
What is minimum cost of the optimal production plan : The beginning and ending annual inventory is allowed, unit carrying cost of $2/item/quarter, hiring cost is $92/worker, firing cost is $84/worker, and the labor standard is 6.5 hours/unit. What is the minimum cost of the optimal production plan wh..
Advise aunt esme of any possible legal action : With reference to the relevant legislation and cases, advise Aunt Esme of any possible legal action which she may have against 'Cut Price Auditors'
Is cost often a function of the market requirements : To many people, high quality is synonymous with high price or high cost. Pick two functionally similar products that compete in very different markets and discuss the relative quality of each. One such example is a Toyota Corolla and a Rolls Royc..
Use the information for rick kleckner corporation : Use the information for Rick Kleckner Corporation from BE21-3. Assume that at December 31, 2011, Kleckner made an adjusting entry to accrue interest expense of $29,530 on the lease.
Discuss the growth of iso 9000 certification : Research the ISO's Web site and discuss the growth of ISO 9000 certification. What are the benefits of ISO certification for you as a manager, for employees, and for the organization?

Reviews

Write a Review

 

Operation Management Questions & Answers

  The scranton warehouse has eight loading docks

The Scranton warehouse has eight loading docks available for delivery of goods. Trucks arrive at the warehouse approximately once every six minutes according to a Poisson process

  Reports prepared for upper management

Please describe the differences in the reports prepared for upper management compared to the reports prepared for lower-level managers. Why do these differences exist?

  What planning methods would you use to develop business

What planning methods would you use to develop business/ IT strategies and applications for your own business? What are the three most important factors you would use in evaluating computer hardware? Computer software?

  Telepresence devices for effective communication

What are the possible drawbacks or dangers to using telepresence devices for effective communication?

  Who is the bottleneck

In the face game, OP1 can draw 82 circles in 2 minutes, OP2 can do 59 faces in 2 minutes, OP3 can add hair to 21 faces in 2 minutes. Who is the bottleneck?

  Find the effective rate of interest for an investment

Find the effective rate of interest for an investment that earns 5 (1/2) % per year, compounded continuously.

  Discuss advantages also disadvantages of intermediaries

Discuss advantages also disadvantages of utilizing intermediaries like wholesalers, agents also brokers to distribute your organizations products or services.

  Difference between insider trading and a ponzi scheme

A classic example of acting unethically is Lehman or Enron's case. After their downfall, one would think employees would act ethically and companies would focus on promoting ethical practices in the workplace. What's the difference between insider ..

  There are a number of well-known strategic planning models

there are a number of well-known strategic planning models. to bring your team up to speed on the evolution of

  How learning curve influence the art of project analysis

In session 7 Discussion Board prompt, the topic that estimating as both a science and an art was discussed. The science approach to task analysis is normally a straightforward analysis that is done from a "closed system" analysis approach. Discuss HO..

  Using statistical sampling to insure quality products

As a quality manager, what factors would influence your thinking in how to choose between testing each item or using statistical sampling to insure quality products

  Straight sales from your customers

Let’s imagine you are the customer portfolio manager of a wireless phone company. How should you be evaluated at the end of the quarter? Straight sales from your customers? Net sales (sales minus cost to serve)? Customer satisfaction?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd