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Consider a company producing a single product. Based on the table below, forecast the demand for the product for the next January using the Adjusted Exponential Smoothing method with alpha = 0.7 and beta = 0.2. Round up the estimated value to the nearest integer. Month Demand
Jan. 760
Feb. 780
Mar. 820
Apr. 830
May 840
Jun. 870
Jul. 860
Aug. 890
Sep. 930
Oct. 950
Nov. 960
Dec. 970
Jan.(F) ? ?
Assume the estimated demand for the product for the next February = estimated demand for the next January + 20 and same for the next March = same for the next January + 40 (the linear trend value 20 is based on a regression analysis). In terms of production capacity, the company has a regular time capacity of 750 units/month and an overtime capacity of 270 units/month. The cost of regular time production is $15/unit and the cost of over time production is $25/unit. The company can carry inventory to the next month and the holding cost is $4/unit/month. The demand has to be met every month. Develop the optimal production plan for the next three monts that minimizes the overall cost for production and inventory management. In other words, what is the optimal values of the decision variables and objective? You must describe your mathematical model.
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