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MMIS671: Constrained Optimization Problems - Management Assignment Help
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Assignment Task:
The small business produces 3 types of cables: A, B, and C. The cost of in-house production is estimated to be $6, $12, and $10 per foot of A, B, and C respectively. The manufacturing process requires machining and finishing. The machining and finishing time needed to produce a foot of each type of cable are presented in the table below.
For the coming production period, the firm is contractually obligated to produce 60,000 feet of A, 80,000 feet of B, and 90,000 feet of C. As only 800 hours of machine time and 400 hours of finishing time are available, these demands cannot be met by in-house production alone. The firm has the option of procuring these cables from an external supplier in order to meet the demand. The cost prices (from the external supplier) per foot of cable are as follows: $8 for A, $15 for B, and $12 for C.
The production manager has to decide how much of each type of cable to produce in-house and how much to purchase from the external supplier in order to meet the demands exactly and minimize total cost. The data is summarized below:
|
Cable Type |
A |
B |
C |
|
Demand (ft) |
60,000 |
80,000 |
90,000 |
|
Production Cost/ft |
$6 |
$12 |
$10 |
|
Procurement Cost/ft |
$8 |
$15 |
$12 |
|
Machine time needed (mins/ft) |
0.50 |
0.50 |
0.60 |
|
Finishing time needed (mins/ft) |
0.60 |
0.20 |
0.40 |
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