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Develop the mathematical model

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Reference no: EM133408269

Costco has received the following demands for a product this year: Month 1 2 3 4 5 6 7 8 9 10 11 12 Demand 300 700 800 900 3300 200 600 900 200 300 1000 800 Suppose ordering cost (OC) is $504 and holding cost (HC) of one unit of product in a year is $3.Use mixed integer linear programming to solve the problem regarding the monthly demand. Suppose that holding cost is applied to the ending inventory.

- Develop the mathematical model in the Word document.

- Develop a plan in the Word document and explain when and how many products should be ordered in order to minimize the total cost.

- Recalculate the optimal value of objective function (total cost with the new assumption that the holding cost is applied to the average inventory

Reference no: EM133408269

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