With the use of illustrations or examples, explain the following terms: a) Slack variable b) Surplus variable c) Constraints d) Non-negative constraints e) Objective function NB: Answer question a-e
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With the use of illustrations or examples, explain the following terms:
a) Slack variable
b) Surplus variable
c) Constraints
d) Non-negative constraints
e) Objective function
NB: Answer question a-e
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- TUTORIAL DECISION ANALYSIS 1. e) 0 B) 2. Even though independent gasoline stations have been having a difficult time, Susan Solomon has been thinking about starting her own independent gasoline station. Susan's problem is to decide how large her station should be. The annual returns will depend on both the size of her station and a number of marketing factors related to the oil industry and demand for gasoline. After a careful analysis, Susan developed the following table: Size of First Station Small Medium Large Extra Large Stock Market Bonds CDs Good Market (5) Probability a) b) 50,000 80,000 Decision Alternative. 100,000 300,000 Fair Market (S) 20,000 30,000 30,000 25,000 For example, if Susan constructs a small station and the market is good, she will realize a profit of $50,000. what is the criterion of realism decision? Use an a value of 0.8. Develop an opportunity loss table? What is the minimax regret decision? Mickey Lawson is considering investing some money that he…9. The VP of manufacturing for the N. L. Hyer Company is ready to decide on her sales and oper- ations plan for next year. The firm's single product (known throughout the adult puzzle trade as "Hyer's Hexagon") is "red hot," according to the VP of marketing, so she insists that backorders are not acceptable next year. Since the United Puzzlemakers Union is trying to organize the plant, the manufacturing VP decided the number of employees must remain constant (i.e., level) throughout all four quarters. Pertinent information is as follows: Quarter 1 I™ 2 3 Production Days 60 58 61 70 Demand Forecast 12,000 13,000 13,590 9,000 4 Beginning inventory = 1,000 units Regular time output rate = 10 units/day employee a. What daily production rate and number of employees will be required? b. How many units will be in inventory at the end of quarter 4?If the profit per unit on Tables (T) increases to $750 and simultaneously the profit per unit on Chairs (C) increases to $425, determine the new objective function value. Variable Cells Variable Name Value Cost T C Constraints 1 Number Name 2 Final Reduced Objective Allowable Allowable 3 Tables 18 0 Chairs 30 0 Coefficient Increase Decrease 720 395 Cleaning 1920 0 Fabric 4480 0.125 4480 Final Shadow Constraint Allowable Allowable 2080 90 Value Price R.H. Side Increase Decrease Testing 1600 0.188 1600 65 $26.250 O $27.690 O $1,440 Must recalculate. Change violated the 100% nule $24.810 1120 25 1E+30 80 40 160 160 320
- Data collected on the yearly demand for 50- pound bags of fertilizer at Wallace Garden Supply are shown in the following table. Estimate demand for vear 12 with a weighted moving average in which sales in the most recent year are given a weight of 2 and sales in the other two years are each given a weight of 1. Year Demand (Bags) 4 6. 3 4. 4. 10 6 8. 8. 8. 12 10 14 11 15 O A. 13.67 O B. 14.00 OC. 14.87 O D. 11.79 Click to select your answer. Us MacBook Air 888 * ES F2 F4 F6 F7 4) F9 F10 %23 2$ & * 4 6. 7 8 9. Q W R T Y F C V В alt command command option %#3variables $E$11 47000 0 35 7.0000001 8.0000001 BO Constraints Final Shadow Constraint Allowable Allowable Cell Name Value Price R.H. Side Increase Decrease $B$16 LHS 55000 41 55000 10500 47000 $B$17 LHS 72000 35 72000 10500 47000 $B$18 LHS 80000 -8 80000 47000 10500 10500 $B$19 LHS 47000 0 57500 1E+30 The answers to the questions are found in this sensitivity report. Questions: Write your responses in the space provided 1. What is the range of optimality for the BN and BO variables? write your answers in this format: Lower limit <= Coefficient of BN <= Upper limit. Example 22 <= C of BN <= 40 2. What is the range of feasibility for the constraints located on B17 and B18? 3. If the right-hand side of the constraint located on B17 is decreased by 200, what is the effect on the value of the objective function?Variable cells Cell Name $B$6 $C$6 $D$6 $E$2 Activity 1 Constraints $E$3 Activity 2 Cell Name $E$4 Activity 3 Resource A Resource B Resource C Final Reduced Value Cost 3 6 0 0 0 -7 30 6 18 0 Objective Allowable Allowable Coefficient Increase Decrease 30 20 7.78 20 O the shadow price is not valid. 40 20 O the shadow price is valid. Final Shadow Constraint Allowable Allowable Value Price R.H. Side Increase Decrease 30 O the original solution remains optimal. 40 23 50 7 10 50 17 10 1E+30 the problem must be resolved to find the optimal solution. 12.5 10 1E+30 22
- . Case: Flamingo Educational Services Flamingo Educational Services, a company located in the Tema metropolis, is a nationwide market leader in the publishing and distribution of textbooks for first and second cycle schools. Somehow, Flamingo does not use forecasts for production planning. Instead, the operations manager decides which books to produce and the batch size, based on orders and the amounts in inventory. The books that have the fewest amounts in inventory get the highest priority. Demand is uneven, and the company has experienced being overstocked on some items and out of others. Being under-stocked has occasionally created tensions with managers of the retail bookstores the company works with. Flamingo is on the verge of losing a lucrative contract with the Ghana Education Service over a complaint that the books produced over the last four months have defective binding as well as slight but noticeable variations in print quality and sizes of the…2. Maximize subject to p = x + 2y X +3y24 2x + y 18 x ≥ 0, y ≥ 0.1. Suzie’s Sweatshirts is a home-based company that makes upscale, hand-painted sweatshirts for children. Forecasts of sales for the next year are Autumn: 125 Winter: 350 Spring: 75 Each Shirt is sold for $15. The holding cost per shirt is 6% of the selling price per quarter. The shirts are painted by part-time workers who earn $4.50 per hour during the autumn. Because of the high demand for part-time help during the winter holiday season, labor rates are higher in the winter, and Suzie must pay the workers $6.00 per hour. In the spring, labor is more difficult to keep, and Suzie finds that she must pay $5.50 per hour to get qualified help. Each shirt takes 1.5 hours to complete. Formulate the problem to a LP model to help Suzie plan production over the three quarters to minimize the combined production and inventory holding cost. Suppose there is no inventory at the beginning of the autumn. (Note: You do not need to solve the model.)
- 53. Following figures are related to LM Ltd. for the yer ending March 31, 2014. Sales 24000 units @ 200 per unit P/V ratio-25%; BEP 50% of sales. You are required to: calculate fixed cost per year; profit earned for the year; units to be sold to earn a target profit of Rs. 11,00,000 for the year; no. of units to be sold to earn the net income of 25% on cost; SP per unit, if BEP is to be brought down by 4000 units. 13Exercises - Management Accounting Concepts and Techniques for Decision Making 16. The Call Company has an available 120 pieces of material M1 and 80 meters of material M2 to produce its products A and B: Product A Product B Unit Contribution Margin Required Materials: Material M1 P 3 P 4 2 pieces 4 meters 5 pieces 2 meters Material M2 REQUIRED: a. Objective function - involving maximization of the company's contribution margin. b. Non-negativity constraint for the decision variables с. Constraint function for Material M1 d. Constraint function for Material M2 e. Optimal product mixExercise 4 The Fly-Right Airplanc Company builds small jet planes to scll to corporations for the use of the exccutives. To meet the needs of these exccutives, the company's customers sometimes order a custom design of the air planes being purchased. When this occurs, a substantial start up cost is incurred to intiate production of these airplanes. Fly-Right has recently reccived purchase requests from three customers with short deadlines. However, as the company's production facilities already are almost completely tied up filling previous orders, it will not be able to accept all three orders. Therefore a decision now needs to be made on the number of airplancs the company will agree to produce (if any) for cach of the three customers. The table below gives the relevant information on cach of the three customers. Each customer has a fixed start-up cost, paid just once irrespective of how many plancs are produced for that customer. The marginal net revenue is received per plane…