A fourth-year engineering student is seeking part-time jobs to get work experience and financialincome. The student can set aside 300 hours for the planning period in which she wants to work. As aconsequence of the interviews, the student received four employment offers. These works arecomposed of multiple tasks. She can choose to work for any number of tasks of one or more works. Inthe table below, required time the student should spend on each of these tasks, the number of tasksshe may do for each of these works, and the earnings she will get if she accomplishes each task onceare given.Work Type# of tasksRequired time perFee per Tasktask (hrs)( Dollarx 100)A210020В250104307D3203a. The student wants to find out which work(s) to select and number tasks she will do in orderto earn the most amount of money. Formulate a dynamic programming recursion thatmaximizes the student's total earnings from their work selection decisions (Define State,Stage, Decision, Recursion formula, and Solution procedure). And solve the model manually.

In the given question we are provided with the information of a fourth-year engineering student who…

Answered: fourth-year engineering student is…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section: Chapter Questions

Problem 69P: The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon...

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The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon spawn during a 24-hour period and must be canned immediately. Tinkan has the following agreement with the salmon industry. The company can deliver as many cans as it chooses. Then the salmon are caught. For each can by which Tinkan falls short of the salmon industrys needs, the company pays the industry a 2 penalty. Cans cost Tinkan 1 to produce and are sold by Tinkan for 2 per can. If any cans are left over, they are returned to Tinkan and the company reimburses the industry 2 for each extra can. These extra cans are put in storage for next year. Each year a can is held in storage, a carrying cost equal to 20% of the cans production cost is incurred. It is well known that the number of salmon harvested during a year is strongly related to the number of salmon harvested the previous year. In fact, using past data, Tinkan estimates that the harvest size in year t, Ht (measured in the number of cans required), is related to the harvest size in the previous year, Ht1, by the equation Ht = Ht1et where et is normally distributed with mean 1.02 and standard deviation 0.10. Tinkan plans to use the following production strategy. For some value of x, it produces enough cans at the beginning of year t to bring its inventory up to x+Ht, where Ht is the predicted harvest size in year t. Then it delivers these cans to the salmon industry. For example, if it uses x = 100,000, the predicted harvest size is 500,000 cans, and 80,000 cans are already in inventory, then Tinkan produces and delivers 520,000 cans. Given that the harvest size for the previous year was 550,000 cans, use simulation to help Tinkan develop a production strategy that maximizes its expected profit over the next 20 years. Assume that the company begins year 1 with an initial inventory of 300,000 cans.
Job Costing Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead ratebased on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct laborhours are 95,000 and estimated factory overhead is $617,500. The following information is for Septemberof the current year. Job A was completed during September, and Job B was started but not finished.[LO 4-3, 4-4, 4-5]September 1, InventoriesMaterials Inventory $ 7,500Work-in-Process Inventory (All Job A) 31,200Finished Goods Inventory 67,000Material purchases 104,000Direct materials requisitionedJob A 65,000Job B 33,500Direct labor hoursJob A 4,200Job B 3,500Labor costs incurredDirect labor ($8.50/hour) 65,450Indirect labor 13,500Supervisory salaries 6,000Rental costsFactory 7,000Administrative offices 1,800Total equipment depreciation costsFactory 7,500Administrative offices 1,600Indirect materials used 12,000Required1. What is the total cost of Job A?2. What is the total…
A process improvement team is working to improve the production output at the Johnson Manufacturing plant’sHeader Cell that manufactures a key component, headers, used in commercial air conditioners. A header is partof the circulatory system of a commercial air conditioner that moves coolant between various components suchas the evaporator coil and the condenser coil. Currently, the header production cell is scheduled separately fromthe main work in the plant. Often, individual headers are not sequenced to match the product they go into on thefinal assembly line in a timely fashion, and so the product can sit in queue waiting for a header
William Beebe owns a small shoe store. He has 10 pairs of shoes that requireresoling and polishing. He has a machine that can resole one pair of shoes at atime, and the time required for the operation varies with the type and condition of theshoe and the type of sole that is used. Shoes are polished on a machine dedi-cated tothis purpose as well, and polishing is always done after resoling. His assistant generally does the polishing while Mr. Beebe does the resoling. The resoling and polishingtimes (in minutes) are Shoes Resoling Time Polishing Time1 14 32 28 13 12 24 6 55 10 106 14 67 4 128 25 89 15 510 10 5In what order should the shoes be repaired in order to minimize the total makespanfor these 10 jobs?
Jane operates a small IT consulting firm. Her company supplies services to a Fortune 500 company, Megacorp, through a regular contract. She estimates the costs of completing assignments for this company and tracks the costs of completing the various jobs. She finds that her estimates are generally on target-sometimes she is a bit high; sometimes a bit low. On average her estimated costs of completing work for her client match the actual costs. Megacorp reduces the number of assignments made to Jane's company and Jane decides to bid for new assignments with other clients. Jane wins bids to provide IT consulting services to three new clients and finds that her estimated costs of completing the jobs are well below that actual costs of completing the jobs. Please use auction concepts to explain this outcome. Briefly explain. (Hint: The correct answer to this question is much shorter than the question itself.)
(Business Analytics) I need some help on this problem, I'm not sure what to do. Problem 2) Larry Edison is the director of the Computer Center for Buckly college. He now needs to schedule the staffing of the center. It is open from 8:00 AM until midnight. Larry has monitored the usage of the center at various times of the day and determined that the following number of computer consultants (qualified graduate students) are required. Time of Day Minimum Number of Consultants Required to be on Duty 8 AM – Noon 6 Noon – 4 PM 8 4 PM – 8 PM 12 8 PM - Midnight 6 Two types of computer consultants can be hired: full-time and part-time period the full-time consultants work for eight consecutive hours in any of the following shifts: mornings (8 AM - 4:00 PM), afternoon (noon - 8:00 PM), and evenings (4:00 PM to midnight). Full-time consultants are paid $17.50 per hour. Part-time consultants can be hired to work any of the four…
QuestionByron Sports is a manufacturer of sportswear. It produces all of its products in one department using a process costing system.The information for the current month is as follows:Beginning work in process (30% complete as to conversion cost) 12,000 unitsUnits started 90,000 unitsUnits completed and transferred out ?Ending work in process (70% complete as to conversion) 8,000 unitsCosts:Beginning work-in-process direct materials $28,800Beginning work-in-process conversion $5,040Direct materials added during month $216,000Conversion costs incurred during the month $139,200Direct materials are added at the beginning of the process. Conversion costs are incurred uniformlythroughout the production process. Costing is handled on a FIFO basis Required:a. Prepare a production cost worksheet using 5 steps approach.b. Under what conditions would a process costing system be more appropriate than a job order costing system? Explain.
4. The Spencer Optics Company produces an inexpensive line of sunglasses. The manufacturing process consists of assembling two plastic lenses (produced by the firm's plastic molding depart- ment) into a finished frame (purchased from an outside supplier). The company is interested in using material requirements planning to schedule its operations and has asked you to prepare an example to illustrate the technique. The firm's sales manager has prepared a 10-week sales forecast for one of the more popular sunglasses (the Classic model) for your example. The forecast is 100 units per week. Spencer has customer orders of 110 units, 80 units, 50 units, and 20 units in weeks 1, 2, 3, and 4, respectively. The sunglasses are assembled in batches of 300 units. Presently, three such batches are sched- uled: one in week 2, one in week 5, and one in week 8. Complete the following time-phased record: Week hand 1 2 3 4 5 6 7 8 9 10 Classic Model On MPS Record Forecast Orders Projected available…
A local bakery makes custom cakes for special eventssuch as weddings and graduations. Making cakes is a two-step process of baking and decorating. The bakery has received eight orders, and the times required in hours for baking and decorating for each order are given in the following table:Cake Orders Baking DecoratingA 3 4B 1 2C 4 7D 2 4E 5 10F 2 6G 5 7H 6 13Determine a sequence that will minimize the makespan time.Construct a chart of the resulting sequence, and determine the idle time in te decoration process.
A company is designing a product layout for a new product. It plans to use this production line eight hours a day in order to meet projected demand of 480 units per day. The tasks necessary to produce this product are: Task Time(secs) ImmediatePredecessor u 30 none v 30 u w 6 u x 12 w y 54 x z 30 v,y If the company wants the output rate to be equal to demand, what is the last task performed at the second workstation if tasks are assigned in order of the most following tasks?
Your team has been assigned to complete 10 client projects over the next two months. These projects and their processing times (time taken to complete a project once started, in days) are described in the table below. In addition, each project has a due-date that has been set by your internal marketing team so that the customers will be delighted with your service if you complete the project by the due-date. However, your team has only enough resources to pursue exactly one project at any given time. Once started, a project is worked through its completion and is not interrupted. As a result of the sequence in which you choose to handle projects, each project will either be on time, or late if it is completed past the due date. If a project is late, the amount of time by which it misses its due-date is called its tardiness. The objective is to pick the sequence in which to complete the projects so as to minimize the total tardiness in the schedule. What is the minimum total tardiness…
Mario, a security guard, has drawn a shift of 6:00 p.m. to 2:00 a.m. from Teusday to Sunday getting a daily pay of P80 a day. If he was asked to work from Saturday to Sunday, how much is he entited to get for his work day? Group of answer choices P80 P100 P95 P120

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