Maxwell Manufacturing makes two models of felt tip marking pens. Requirements for each lot of pens are given below.                                                         Fliptop model Tiptop model Availble                   Plastic 3 4 36                   Ink Assembly 5 4 40                   Molding Time 5 2 30                                                                       The profit for either model is $1000 per lot. Find the optimal objective function value.

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.