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

  Supply-chain operations reference model

Describe the five processes of the SCOR (Supply-Chain Operations Reference) model; Plan, Source, Make, Deliver, Return, and Enable. Describe how the top three levels of the SCOR model apply to your current or previous employer's supply chain.

  Explain legal pitfalls for international business

International businesses invariably face distinctions between legal systems that they work within. After reviewing some of the distinctions in your text between common and civil law systems, and after conducting additional outside research on the ..

  Necessary in an ethical leader

Describe the qualities you believe are necessary in an "ethical leader." Provide support for your contentions and explain why a leader should display these qualities in order to be considered "ethical" from your perspective. Then identify someone you..

  Why is it important to have a defined project scope

Global Green Books Publishing is a successful printing and publishing company in its third year. It has survived bringing on a large new customer and all the challenges of new work that this customer needed in a very short time. Who are the stakehold..

  Life cycle is structure likely to begin driving strategy

At what stage in a company's life cycle is its structure most likely to begin driving its strategy? Why? How do business leaders align structure and strategy most effectively at this stage of the company's life cycle? Why?

  Describe the company''s supply chain

Describe the company's supply chain. Identify a process internal to the company that you wish to analyze. Describe the process internal to the company that you wish to analyze.

  Fundamental conflict with the ability of business

The right to refuse workplace hazards has a fundamental conflict with the ability of a business to operate effectively (if employees refuse to work there can be no production). How should these competing interests be balanced? Support your position w..

  What are the major hurdles to continuing quality improvement

Considerable success has been achieved by companies practicing TQM. What are the major hurdles to continuing quality improvements that manufactures and service providers face?

  Define each part of a financial plan

Define each part of a financial plan and discuss the importance of these components in managerial decision making. Your response should be at least 250 words in length.

  High deductible catastropic plan

Fee for service payments to hospitals affords limited incentive for efficiency. Beneficiaters who enrol in a health saving accounts must select a high deductible catastropic plan. The prospective payments system for hospitals uses a reimbursement sch..

  Analyze also discuss relevance to seiics situation

Choose one of approaches or trends to discuss in more detail also analyze also discuss relevance to SEIIC's situation. Justify your answer with appropriate examples also reasoning.

  Container have to make it through system to accomplish this

Eakins Enterprises makes model boats, and it is switching to a lean manufacturing process. At one assembly area, Eakins is using one part container that holds 250 parts and it wants the output to be approximately 100 finished parts per hour; they als..

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