The Primo Insurance Company is introducing two new product lines: special risk insuranceand mortgages. The expected profit is $5 per unit on special risk insurance and $2 per unit onmortgages.Management wishes to establish sales quotas for the new product lines to maximize totalexpected profit. The work requirements are shown belowDepartmentUnderwritingAdministrationWork-Hours per UnitSpecialRisk3MortgageWork-HoursAvailabled) Solve graphically submit on scanned graph paper(e) Solve in excel using the template provided (2,4008001,200Claimsa) Identify verbally the decisions to be made, the objective and the constraints(b) Formulate the problem in table form(c) Formulate the problem algebraically(

Objective Functions and Constraints: Based on the given details, the objective…

Answered: The Primo Insurance Company is…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Ripeka, the warehouse manager at Hine would like to update the company’s inventory locator system so that the picking operation can be streamlined. While conceptually simple to do, she knows that there will be several steps to the update process that will have to be carefully managed. She needs to complete upgrade and train her staff in operating the new system before the busy season, which is only 4 months away. She identifies the various activities, expected time duration, predecessors and costs, as shown in the table. Draw the AON Network, and then determine the critical path. [Show your workings, using the grid network.] Identify the project duration – is this project feasible within the required timeframe?
The M-N plant manufactures two different products: M and N. Selling prices and weekly market demands are shown in the following diagram. Each product uses raw materials with costs as shown. The plant has three different machines: A, B, and C. Each performs different tasks and can work on only one unit of material at a time. Resources: A, B, C (one each) Availability: 3,800 min./week Operating expense: $12,000/week Product M $190/unit 120 units/week Machine A Machine C Machine B 15 min./unit A 20 min./unit RM-1 $60/unit Product N $200/unit 80 units/week 15 min./unit B 10 min./unit RM-2 $40/unit B 10 min./unit RM-3 $40/unit Process times for each task are shown in the diagram. Each machine is available 3,800 minutes per week. There are no "Murphys" (major opportunities for the system to foul up). Setup and transfer times are zero. Demand is constant. Operating expenses (including labor) total a constant $12,000 per week. Raw materials are not included in weekly operating expenses. a.…
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Deforrest Marine Motors manufactures engines for the speedboat racing circuit. As part of their annual planning cycle, they forecasted demand for the next four quarters. The number of available days of production and the anticipated demand are given below. Employees Production Rate Production Cost Backorder Cost Overtime Cost Overtime Limit Demand Q1 2,400 6,019,000 They also estimated many of the costs required to conduct operations planning. Some of these key figures are listed below. 30 70 units/employee/quarter Q2 2,200 $1,000/unit $200/unit/quarter $1,500/unit <= 25% of Reg. Production Q3 1,700 Q4 1,800 Hire Cost Fire Cost Subcontracting Cost Subcontracting Limit Inventory Cost Initial Inventory $1,200/employee $800/employee $1,800/unit 400 units maximum $100/unit/quarter 280 units Deforrest Marine Motors wishes to maintain the current number of employees for the entire year to follow a level strategy balanced with inventory and backorders as needed. What is the total cost of this…
Use the following for the next 2 questions: A company forecasts that it will ship 120,000 boxes of product in June. The product has a monthly turnover of 3. The company plans to use its facility to ship 80,000 boxes and the balance of the 40,000 boxes will ship from a rented facility. Space may be rented for a charge of $7 per box per month with an in-and-out handling charge of $0.45 per box shipped. 1. What is the rented (fixed) storage cost for June? - $280,000 - $180,000 - $42,500 - $250,000 - $93,333 - $153,333 - $173,333 2. What is the rented variable cost for June? - $33,333 - $43,333 - $6,000 - $38,000 - $18,000 - $28,000 - $23,333
To determine the scope of a bookkeeping clean-up engagement, you are reviewing the Client Overview tab for a potential client. You notice that there is a large amount in the Opening Balance Equity account. Which 3 reasons could be causing this balance?(Select all that apply) A. The client added transactions in the Banking Center without assigning an account to them B. Opening balance for an inventory item was entered during the setup process C. The client entered an Opening Balance when creating an Other Current Asset account D. Opening balances were included when importing customers using the Import data tool E. The client forced a bank reconciliation when the difference was not zero
The Donald Fertilizer Company produces industrial chemi-cal fertilizers. The projected manufacturing requirements (inthousands of gallons) for the next four quarters are 90, 60,90, and 140, respectively. A level workforce is desired, relyingonly on anticipation inventory as a supply option. Stock-outs and backorders are to be avoided, as are overtime andundertime.a. Determine the quarterly production rate required to meettotal demand for the year, and minimize the anticipationinventory that would be left over at the end of the year.Beginning inventory is 0.b. Specify the anticipation inventory that will be produced.c. Suppose that the requirements for the next four quartersare revised to 60, 90, 140, and 90, respectively. If total de-mand is the same, what level of production rate is needednow, using the same strategy as part (a)?
The following three questions refer to Sony Records, Inc. Executives of the company are re- releasing Michael Jackson's Thriller CD. The following cost and revenue information pertains to the new CD: CD package and disc (direct material and labor): $2.50/CD Songwriters' royalties: $0.70/CD Recording Artists' royalties: $2.00/CD Advertising & promotion: $380,000 Sony Records Inc.'s Overhead: $300,000 Selling price of CD: $10.00 Question 1: What is the per unit gross marketing contribution? 35% None of these 52% 48%

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