Linear Programming. ISQA 459/559. Getting Started with LP . Game problem Terms Algebraic & Graphical Illustration LP with Excel. Determining the Optimal Mix Strategy. Try multiple attempts with different scenarios OR Use Linear Programming (LP)
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4H + C < 400
10 H + 5 C
H + C < 200
These 2 cells will change to find the solution. They represent W & C (our unknowns)
What does slack mean here ?
Reduced cost: how much more profitable would
W or C have to be to be included in the answer?
Profit of Wheat could increase by $250 or decrease by $50 and we would still use plant 20 acres.
If we could get another worker, each worker contributes $25 (shadow price) to
profit for the range (100+20 =120) to (100 - 40=60) or between 60 and 120 workers.
So, how much are we willing to pay for an extra worker? How much are we willing
to pay for an extra ton of fertilizer? How much for an extra acre of land ?
Sailco Corporation must determine how many sailboats to produce during each of the four next quarters. The demand during each of the four quarters is as follows:
Q1: 40 sailboats
Q2: 60 sailboats
Q3: 75 sailboats
Q4: 25 sailboats
Sailco must meet demands on time. At the beginning of the first quarter, Sailco has an inventory of 10 sailboats. At the beginning of each quarter, Sailco must decide how many sailboats to produce during that quarter and we assume that sailboats manufactured during a quarter can be used to meet demand for that quarter.
During each quarter, Sailco can produce up to 40 sailboats with regular-time labor at a cost of $400 per sailboat. By having employees work overtime during the quarter, Sailco can produce additional sailboats with overtime labor at a total cost of $450 per sailboat. At the end of each quarter (after production has occurred and the current quarter’s demand has been satisfied), a holding cost of $20 per sailboat is incurred.
Determine a production schedule to minimize the sum of production cost and holding cost.