Practical Management Science
Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Each year, Paynothing Shoes faces demands (which
must be met on time) for pairs of shoes as shown in Table
37. Workers work three consecutive quarters and then receive
one quarter off. For example, a worker may work during
quarters 3 and 4 of one year and quarter 1 of the next year.
During a quarter in which a worker works, he or she can
produce up to 50 pairs of shoes. Each worker is paid $500
per quarter. At the end of each quarter, a holding cost of $50
per pair of shoes is assessed. Formulate an LP that can be
used to minimize the cost per year (labor  holding) of
meeting the demands for shoes. To simplify matters, assume
3.11 Multiperiod Financial Models 105
that at the end of each year, the ending inventory is zero.
(Hint: It is allowable to assume that a given worker will get
the same quarter off during each year.)

TAB LE 37
Quarter 1 Quarter 2 Quarter 3 Quarter 4
600 300 800 100

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