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Ksivusya [100]
3 years ago
7

The economic order quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs include

d in the model are holding cost per unit, ordering cost, and the cost of goods ordered. The assumptions for that model are that only a single item is considered, that the entire quantity ordered arrives at one time, that the demand for the item is constant over time, and that no shortages are allowed.
Suppose we relax the first assumption and allow for multiple items that are independent except for a restriction on the amount of space available to store the products. The following model describes this situation:

Let

Dj = annual demand for item j

Cj = unit cost of item j

Sj = cost per order placed for item j

i = inventory carrying charge as a percentage of the cost per unit

wj = space required for item j

W = the maximum amount of space available for all goods

N = number of items

The decision variables are Qj, the amount of item j to order. The model is:

Minimize
s.t.
;
In the objective function, the first term is the annual cost of goods, the second is the annual ordering cost (Dj/Qj is the number of orders), and the last term is the annual inventory holding cost (Qj/2 is the average amount of the inventory).

Set up and solve a nonlinear optimization model for the following data. Enter "0" if your answer is zero.

Item 1 Item 2 Item 3
Annual Demand 2,500 2,500 1,500
Item Cost ($) 150 100 130
Order Cost ($) 200 160 150
Space Required (sq. feet) 75 50 65
W = $6,500
i = 0.45
Min + + + + + +
s.t
× Q1 + × Q2 + × Q3
Q1
Q2
Q3
If required, round your answer to three decimals.

Q1 =

Q2 =

Q3 =

If required, round your answer to the nearest dollar.

Total Cost = $

Business
1 answer:
nikklg [1K]3 years ago
7 0

Answer:

Check the explanation

Explanation:

The above question is based on a non-linear programming model, to answer this question, there will be a need to determine the optimal order quantities of the three different Ferns with diverse values of annual demand, item cost as well as order cost objective of the non-linear programming model is to minimize the overall annual cost.

Step 1: Setup a spreadsheet on Excel, as shown in the first and second attached images below:

Note: The values of quantities of the three items is kept as 1 to for the calculations of total cost.

The Solver dialogue box will appear. Enter the decision variables, objective function and the constraints, as shown in the third attached image below:

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Answer:

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Answer:

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a woman who was born and raised in a poor family becomes a regional supervisor for bank of america. she has experienced
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4 0
1 year ago
Kevin Morales invests $15,451.93 now for a series of $2,900 annual returns beginning one year from now. Kevin will earn a return
lina2011 [118]

Answer:

9 annual payments

Explanation:

The correct annual payment is $2,900 not $1,300 as shown below:

Kevin Morales invests $15,451.93 now for a series of $2,900 annual returns beginning one year from now. Kevin will earn a return of 12% on the initial investment.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

How many annual payments of $2,900 will Kevin receive?

In a bid to determine the number of annual payments of $2,900 that Kevin would receive, we can make use of a financial calculator bearing in mind that the calculator would be set to its default end mode before making the below inputs and that the amount invested today is the present value of annual payments

PMT=2900(amount of each annual payment)

I/Y=12(the rate of interest to be earned annually without the "%" sign)

PV=-15451.93 (amount invested, it is negative since it is an outflow)

FV=0(after all annual payments have been received, number of outstanding annual payments would be nil)

CPT

N=9.00

3 0
2 years ago
You are a consultant specializing in estimating the costs after the employees learn how to do a job more efficiently by repetiti
Ivahew [28]

Answer:

$58,600

Explanation:

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= Learning curve at 65% for producing 400 units × cost for produced first time

= 23.44 × $2,500

= $58,600

By multiplying the Learning curve at 65% for producing 400 units with the cost i.e produced first time so that the total cost could come and the same is to be considered

5 0
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