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Harry and Melissa Jacobson produce handcrafted furniture in a workshop on their farm. They have obtained a load of 600 board feet of birch from a neighbor and are planning to produce round kitchen tables and ladder-back chairs during the next 3 months. Each table will require 30 hours of labor, each chair will require 18 hours, and between them they have a total of 480 hours of labor available. A table requires 40 board feet of wood to make, and a chair requires 15 board feet. A table earns the couple $575 in profit, and a chair earns $120 in profit. Most people who buy a table also want four chairs to go with it, so for every table that is produced, at least four chairs must also be made, although additional chairs can also be sold separately. Formulate and solve an integer programming model to determine the number of tables and chairs the Jacobsons should make to maximize profit.
A food processor uses approximately 27,000 glass jars a month for its fruit juice product. Because of storage limitations, a lot size of 4,000 jars has been used. Monthly holding cost is 18 cents per jar, and reordering cost is $60 per order. The com..
Forrester and Cohen is a small accounting firm, managerd by Joseph Cohen since the retirement in December of his parnter Brad Forrester. Cohen and his 3 CPA's can together bill 640 hours per month.
The airline industry has suffered setbacks such as the high cost of fuel that have forced the major carriers to cut back on many of their services. Most airlines now charge passengers fees for checked baggage. Others charge for in-flight snacks or do..
Elucidate how does increased wait times waste money or cost you business. Elucidate how can you determine steps in your businesses process which are wasteful.
Research indicates that many employees who have input into job design and who are given greater responsibility frequently show far greater motivation. These innovative ideas are considered forms of employee empowerment.
Does it matter whether we are talking about a strike fund held by a steel workers' union to pay benefits to its members during a strike, versus a fund used by a not-for-profit as a safety reserve in case its workers go on strike?
In an assemble-to-order company, at which level should master scheduling take place?
What is the Federal Register? What role does it play in rulemaking? What is the difference between the Federal Register and the Code of Federal Regulations?
You have recently been hired as the chief financial officer (CFO) of a large hospital. Your hospital has experienced major growth and is proposing a new department of quality improvement. This new department has to be approved by the board of directo..
Building core competencies is important to developing sustainable success for an organization. What criteria must organizational capabilities satisfy for them to become core competencies? How does building core competencies add value to an organizati..
A product costs $20 and sells for $50. It has a salvage value of 4$ if it does not sell. What is the stock-in and stock-out probability? Assume the demand is uniformly distributed from 0 to 1,000, as in the exercise seen in class. What is the optimal..
Consider a supply chain where a manufacturer sells to a distributor who sells to a wholesaler who sells to a retailer. Last year, the retailer's weekly variance of demand was 4000 units. The weekly variance of orders was 5000; 8000; 12,000; and 17,00..
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