3.1-9.1 The Primo Insurance Company is introducing two new prod-uct lines: special risk insurance and mortgages. The expected profitis $5 per unit on special risk insurance and $2 per unit on mortgages.Management wishes to establish sales quotas for the newproduct lines to maximize total expected profit. The work require-ments are as follows:Work-Hours per UnitWo HoA labDepartment Special RiskMortgage2400UnderwritingAdministration800Claims1200(a) Formulate a linear programming model for this problem.D.I (b) Use the graphical method to solve this model.(c) Verify the exact value of your optimal solution from part (b)by solving algebraically for the simultaneous solution of therelevant two equations.3.1-12 (a) onlyPlease specify: (1) Decision variables; (2) Objective function; (3) Constraints.MacBook Pro

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3.1-9.1 The Primo Insurance Company is introducing two new prod- uct lines: special risk insurance and mortgages. The expected profit is $5 per unit on special risk insurance and $2 per unit on mortgages. Management wishes to establish sales quotas for the new product lines to maximize total expected profit. The work require- ments are as follows: Work-Hours per Unit Wo Ho A lab Department Special Risk Mortgage Underwriting 3 2400 800 Administration Claims 1200 य हॉकर े (a) Formulate a linear programming model for this problem. D,I (b) Use the graphical method to solve this model. (c) Verify the exact value of your optimal solution from part (b) by solving algebraically for the simultaneous solution of the relevant two equations. 210

3.1-9.1 The Primo Insurance Company is introducing two new prod- uct lines: special risk insurance and mortgages. The expected profit is $5 per unit on special risk insurance and $2 per unit on mortgages. Management wishes to establish sales quotas for the new product lines to maximize total expected profit. The work require- ments are as follows: Work-Hours per Unit Wo Ho A lab Department Special Risk Mortgage Underwriting 3 2400 800 Administration Claims 1200 य हॉकर े (a) Formulate a linear programming model for this problem. D,I (b) Use the graphical method to solve this model. (c) Verify the exact value of your optimal solution from part (b) by solving algebraically for the simultaneous solution of the relevant two equations. 210

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20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

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Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. Ethical decisions that affect a buyers ethical perspective usually involve the organizational environment, cultural environment, personal environment, and industry environment. Analyze this scenario using these four variables.
Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What should Sharon do in this situation?
Scenario 4 Sharon Gillespie, a new buyer at Visionex, Inc., was reviewing quotations for a tooling contract submitted by four suppliers. She was evaluating the quotes based on price, target quality levels, and delivery lead time promises. As she was working, her manager, Dave Cox, entered her office. He asked how everything was progressing and if she needed any help. She mentioned she was reviewing quotations from suppliers for a tooling contract. Dave asked who the interested suppliers were and if she had made a decision. Sharon indicated that one supplier, Apex, appeared to fit exactly the requirements Visionex had specified in the proposal. Dave told her to keep up the good work. Later that day Dave again visited Sharons office. He stated that he had done some research on the suppliers and felt that another supplier, Micron, appeared to have the best track record with Visionex. He pointed out that Sharons first choice was a new supplier to Visionex and there was some risk involved with that choice. Dave indicated that it would please him greatly if she selected Micron for the contract. The next day Sharon was having lunch with another buyer, Mark Smith. She mentioned the conversation with Dave and said she honestly felt that Apex was the best choice. When Mark asked Sharon who Dave preferred, she answered, Micron. At that point Mark rolled his eyes and shook his head. Sharon asked what the body language was all about. Mark replied, Look, I know youre new but you should know this. I heard last week that Daves brother-in-law is a new part owner of Micron. I was wondering how soon it would be before he started steering business to that company. He is not the straightest character. Sharon was shocked. After a few moments, she announced that her original choice was still the best selection. At that point Mark reminded Sharon that she was replacing a terminated buyer who did not go along with one of Daves previous preferred suppliers. What does the Institute of Supply Management code of ethics say about financial conflicts of interest?
You work for the Brad's Nailer Company which manufactures three types of nailers: a pneumatic model, the "ProLine", and a cordless model. You have contracted to supply a national retail chain with all three models of nailers. However, Brad's nailer production capability is limited in three departments: production, testing, and packaging. The goal is to maximize your revenue. Your answer will be the number packaging hours to be produced (The number of nailers must be a whole number.) Use Scenario 2
12. How and when would an organization use a: Standing plan Single-use plan 13. Why would a food and nutrition organization benefit from bot short- and long-range plans?
MASTERY PROBLEM / Cr. Cash: $4,301.83 ar Ban Trenkamp owns and operates the Trenkamp Collection Agency. Listed below are the name, number of allowances claimed, marital status, information from time cards on hours worked each day, and the hourly rate of each employee. All hours worked in excess of 40 hours for Monday through Friday are paid at 1½ times the regular rate. All weekend hours are paid at double the regular rate. Trenkamp uses a weekly federal income tax withholding table (see Figure 8-4 on pages 288 and 289). Social Security tax is withheld at the rate of 6.2% for the first $110,100 earned. Medicare tax is withheld at 1.45% and state income tax at 3.5%. Each employee has $5 withheld for health insurance, All employees use payroll deduc- tion to the credit union for varying amounts as listed. GENERAL LEDGER Trenkamp Collection Agency Payroll Information for the Week Ended November 18, 20-- Credit Total Hourly Rate Earnings 1/1-11/11 Union Employee No. No of Allow. Regular…
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Company: ABC Civil Engineering - an engineering firmSituation: ABC company has recently made significant cuts in staff and the workload on existingemployees has increased. A major RFP is dueCharacters: Ted Waltz – Managing Director of ABC EngineeringElaine Tillman – Civil Engineer____________________________Elaine Tillman looked at her watch – it was 7:30 pm. Just then she knew she would not make it to her son’s final high school basketball game. It took her a moment to collect herself and wipe the tear that had started down her face and onto the ragged-edged 100 plus page RFP she was working on. The RFP,the largest opportunity that ABC Civil Engineering had a chance to bid on in 6 months, was far fromready for the 9:00 AM deadline the following day.Normally in this situation, Elaine would have collaborated with a proposal team putting together such a big proposal but, since the economic down turn hit, ABC has had to make significant cuts in its staff. It started with administrative…
Accompany makes two products (1&2) each product requires time on two machines (A&B). specification for each product is as follows. Product1 product2 Processing time on Machine A (hrs/unit) 2 2 Processing time on Machine B (hrs/unit) 1 2 Material and labour cost ( ksh/unit) 14 15 Selling price (ksh/unit) 16 18 Maximum possible sale (units) 130 150 The amount of time available on machine A is 360 hours and on machine B is 260 hours. Formulate the linear programme which, when…
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