What is the contribution to profit? Optimal solution: BR = ------ BD = ------ CR = ------ CD = ------ If required, round your answer to two decimal places. Value of the optimal solution = $ ------------
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Romans Food Market, located in Saratoga, New York, carries a variety of specialty foods from around the world. Two of the store’s leading products use the Romans Food Market name: Romans Regular Coffee and Romans DeCaf Coffee. These coffees are blends of Brazilian Natural and Colombian Mild coffee beans, which are purchased from a distributor located in New York City. Because Romans purchases large quantities, the coffee beans may be purchased on an as-needed basis for a price 12% higher than the market price the distributor pays for the beans. The current market price is $0.45 per pound for Brazilian Natural and $0.67 per pound for Colombian Mild. The compositions of each coffee blend are as follows:
| Blend | ||
|---|---|---|
| Bean | Regular | DeCaf |
| Brazilian Natural | 60% | 40% |
| Colombian Mild | 40% | 60% |
Romans sells the Regular blend for $3.3 per pound and the DeCaf blend for $4.5 per pound. Romans would like to place an order for the Brazilian and Colombian coffee beans that will enable the production of 1100 pounds of Romans Regular coffee and 525 pounds of Romans DeCaf coffee. The production cost is $0.84 per pound for the Regular blend. Because of the extra steps required to produce DeCaf, the production cost for the DeCaf blend is $1.08 per pound. Packaging costs for both products are $0.25 per pound. Formulate a linear programming model that can be used to determine the pounds of Brazilian Natural and Colombian Mild that will maximize the total contribution to profit.
| Let | BR = pounds of Brazilian beans purchased to produce Regular |
| BD = pounds of Brazilian beans purchased to produce DeCaf | |
| CR = pounds of Colombian beans purchased to produce Regular | |
| CD = pounds of Colombian beans purchased to produce DeCaf |
If required, round your answers to three decimal places. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. (Example: -300)
The complete linear program is
| Max | ------BR | + | ------BD | + | ------CR | + | ------CD | ||
| s.t. | |||||||||
| ------BR | + | ------CR | = | ------ | |||||
| ------BD | + | ------CD | = | ------ | |||||
| ------BR | ------CR | = | ------ | ||||||
| ------BD | + | ------CD | = | ------ | |||||
| BR, BD, CR, CD ≥ 0 |
What is the contribution to profit?
Optimal solution:
| BR = ------ |
| BD = ------ |
| CR = ------ |
| CD = ------ |
If required, round your answer to two decimal places.
Value of the optimal solution = $ ------------
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 5 images
