Today in our meeting I’m going to be talking about a few different ways that we can make our company more successful when money is tight. I’m going to show how to maximize total profit contribution this will tell us how many bags of each model should be manufactured. Also what profit contribution can we earn on these production quantities. How many hours of production time will be scheduled for each operation and also the slack time in each operation. By figuring out these different ideas we will be saving our company money, which right now might be getting wasted and will make our company more efficient than it has ever been before. Right now Par Incorporation is a small manufacturing company, and in the future we should be looking to expand and reach more locations than we ever have before. Our distributors believe there is a market that exists for a standard model and a deluxe model. The standard model will have a profit per bag of $10.00 and the deluxe model will have a profit of $9.00 per bag. The distributor is so confident of the market that, if Par can make the bags at a competitive price, the distributor will purchase all the bags that we can manufacture in the next three months. Looking at this situation I think it would be silly to not take our distributors up on this offer. We will be making money and this gives our company just one more way in order to grow and get our name heard. Here is some general information that is good to know before I went about solving these problems. There is an estimate of 630 hours of cutting and dyeing, 600 hours of sewing time, 708 hours of finishing time, and 135 hours of inspection and packaging time that will be available for the production of the gold bags that we will have for the next three months. Now I’m going to explain how I went about finding how to maximize total profit contribution and how many bags of each model should we manufacture. First off it helps to know what objective function means. “The mathematical expression that defines the quantity to be maximized or minimized is referred to as the objective function.” (Anderson, Sweeney, Williams, Camm, Cochram, Fry, and Ohlmann. pg. 8) The objection function for this problem is max: 10s+9D. S=quantity standard product and D=quantity deluxe product. Now in my worksheets refer back to Capital A to see how I wrote out the constraints. All of the inequalitys use a less than or equal sign the solution is all points on the line and below it. When it comes time to making the graph everything will be filled in on the graph line and below it. “A contraint expresses limitations on resources.” (Anderson, Sweeney, Williams, Camm, Cochram, Fry, and Ohlmann. pg. 8) The feasible regin is the best recommened decision. The shadded region that includes every solutions point that satisfies all constraints at the same time is also the feasible region. My graph is also on my graph paper. The optimal solution is the specific decision variable value or values provide the best output. In this problem the optimal solution occurs where the lines 1S+2/3D=708 and 7/10 +1D=630 Intersect. 3/2S + 1D=1,062…
its wood resources, instead of spending money on investing ships.
To sum up, even though the third option is the best one for this case, there are still some actions could be taken to optimize the logistics management.
Introduction to Management Science, A Modeling and Case Studies Approach with Spreadsheets, 5th Edition, by F.S. Hillier, K. Schmedders, and M. Stephens, McGraw-Hill.
Review of Divergent
Divergent by Veronica Roth is a science/ futuristic fiction set in a dystopian Chicago, in a society which is divided into five factions, each is dedicated to the cultivation of a particular virtue—Candor (the honest), Abnegation (the selfless), Dauntless (the brave), Amity (the peaceful), and Erudite (the intelligent). On an appointed day of every year, all sixteen-year-olds must select the faction to which they will devote the rest of their lives. For Beatrice, the decision…
Centre for Health Sciences
College Diploma or University Degree and demonstrated
relevant work experience
= Program admission requirements
Ontario Secondary School Diploma or equivalent*
Number in parenthesis indicates the page where the program can be found.
Grade 12 English (C or U)
Applicants are selected on the basis of their academic achievement including
the required courses and any other selection criteria outlined below.
Course Exemptions: Certain…
Bachelor of Agricultural Sciences
Course code/s: Melbourne (SBAG)
This course was previously titled Bachelor of Agricultural Science (SVAS).
This course provides a basic understanding of the relationships between soils, plants, animals, economics, and the environment. It is about the science that underpins plant and animal production and not a training to become a farmer. The learning occurs through the prism of sustainable land management, and with the consideration for animal welfare. The course…
The Limitations of Science
Modified from Lynn Fancher
Humankind has never devised a better tool for solving the mysteries of the universe than science. However, there are some kinds of questions for which scientific problem solving is unsuited. In other words, science has limitations.
There are areas for which science can't help us answer our questions. All of these have the same problem: The questions they present don't have testable answers…
The Application of Decision Trees by Companies and its Advantages and Disadvantages
Management science uses different ways of approach to solve management problems. Management science which is also referred to as decision analysis is part of a core of business. Decision analysis is a method used in the business firm to help managers resolve uncertainties in making investment decisions. It helps them make choices, take risks, and gain information that is needed. The decision tree can be simple or…
development is an ongoing, methodical process of implementing effective organizational change. OD is known as both a field of science focused on understanding and managing organizational change and as a field of scientific study and inquiry. It is interdisciplinary in nature and draws on sociology, psychology, and theories of motivation, learning, and personality. Behavioral science has provided the basic foundation for the study and practice of OD, however new and emerging fields of study have made their…
Week 2: Science, Truth and Management
Is there any scientific basis to management?
The diversity of approaches to management theory and practice makes it difficult to explicitly identify the pillars on which it is founded; some academics will dismiss as inconsequential the elements that others consider to be the basis of management and managers will constantly disagree on which factors are more significant in the running of an organisation. For some time, the importance of science in management has…
MOD 1 Case
"Is project management more of a science or more of an art form?"
To be clear when referring to science in this paper; I mean following the strict structure of what has been prescribed to us in the past; sticking to the playbook, staying within the lines.
In my opinion project management should be more of an Art form strongly grounded in science.
There are too many variables when working a project and things can go wrong very quickly. As you become more experienced…
Solutions to Case Problems Manual to Accompany
An Introduction To Management Science
Quantitative Approaches To Decision Making
David R. Anderson
University of Cincinnati
Dennis J. Sweeney
University of Cincinnati
Thomas A. Williams
Rochester Institute of Technology
R. Kipp Martin
University of Chicago
South-Western Cincinnati, Ohio
Chapter 1: Introduction ♦ Scheduling a Golf League Chapter 2: An Introduction to Linear Programming ♦ Workload…