A company is selling a perishable good. Any surplus (i.e., l…
A company is selling a perishable good. Any surplus (i.e., leftovers) can be sold in a salvage market, but the prices in the salvage market are pretty random, so the company is uncertain about how much revenue they can get from their leftovers. The company has collected 10 data points on the demand for their product and the price from the salvage market. Use the attached spreadsheet to determine the optimal quantity of product to order from their supplier. STARTER SPREADSHEET that only has the first row of simulations. Don’t forget to “freeze” the randomness in the spreadsheet before running Solver. What is the optimal quantity of the perishable good to order from the supplier? This should be an integer.
Read DetailsA furniture manufacturer has three production lines for manu…
A furniture manufacturer has three production lines for manufacturing seven different chair models. Each production line has a different production rate and requires a different amount of labor and material costs per unit for each chair model. Each production line also requires a setup time when switching from production of one chair model to another. The setup times depend on the identity of the previous chair model, the identity of the next chair model, and the identity of the production line. The production lines operate for two 8-hour shifts with a half hour of overlap between the two shifts. During this overlap time, the shift managers and machine operators transfer relevant knowledge and updates. Thus, there are a total of 15.5 hours during the day when each production line could be actively producing product. The production quantity requirements for the day are provided at the start of the day. At the start of the day, production plans are made. Unfortunately, each production line could randomly shut down and require a random amount of time before being restored to active status. The production planner needs to formulate the production plan that gives the desired number of each chair model while minimizing cost and without violating any constraints. For the following elements of the problem, indicate whether each is a parameter, decision, objective, or constraint. Production rates [rates] Production labor requirements [labor] Setup times [setup] Production machines cannot operate for longer than the time for two shifts [shifts] The time for two shifts [shift_time] Production quantity requirements [quantities] The company must produce at least the quantity required [production_quantity] Probability a production line breaks down during a given hour of the day [prob_shutdown] Mean and standard deviation of the time required to repair a production line [repair_time] The production plan [plan] The total production cost [cost]
Read DetailsA logistics company is responsible for shipping products fro…
A logistics company is responsible for shipping products from a warehouse to five different stores located in different cities. The company has three trucks available with varying weight and volume capacities, and the orders placed by the five different stores all have different weights and volumes. On each truck trip, the truck loads up at the warehouse and then delivers product to at least one of the stores. On a single trip, the truck can deliver product to more than one store before returning to the warehouse to load up another shipment. The costs of traveling from site i to site j are given by the following equation:
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