Operations managers can use the mathematical tool of linear programming to plan and make resource allocation decisions. Hence. option (c) will be the suitable response for this question.
<h3>Give a brief account on linear programming.</h3>
An approach to getting the optimal result in a mathematical model whose requirements are expressed by linear connections is linear programming, often known as linear optimization.
Specifically, linear programming is a technique for optimizing a linear objective function while observing the constraints of linear equality and inequality. Its feasible region consists of convex polytopes, a set that is defined as the intersection of a finite number of half spaces, each of which is determined by a linear inequality. A real-valued affine function that is defined on this polyhedron serves as its goal function. If there is a location in the polytope where this function has the least value, a linear programming technique locates it.
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They must have good communication manners and be polite
Answer:
c. international trade
Explanation:
Options A and E are wrong because franchising and licensing businesses need to pay a special commission or extra expense to do the business. In that case, if the first company faces any disreputed problem due to the food, it is challenging for other franchisees to operate. Licensing business needs a massive cost at the start of the market.
Options B and D are wrong because acquisitions of existing operations or establishing a new subsidiary require high investment.
<em>Option C</em> is correct because international trade can take place at any time. There is a little cost when the trading period starts. Otherwise, there are not many costs. So, it is a less risky method.
Answer:
1) What quantity should the firm order with each order?
the economic order quantity (EOQ) = √(2SD/H)
- S = cost per order = $8
- D = annual demand = 400 x 12 = 4,800
- H = holding cost per year = $4 x 50% = $2
EOQ = √[(2 x $8 x 4,800) / $2] = √38,400 = 195.96 ≈ 196 units
2) How many times per year will the firm order?
4,800 units / 196 units = 24.49 times
3) How many days will elapse between two consecutive orders?
240 working days / 24.49 times = 9.8 days
4) What is the reorder point if the firm carries a safety stock of 10 wheels
reorder point = (average daily unit sales x delivery lead time) + safety stock
- average daily unit sales = monthly demand / number of days worked per month = 400 / 20 = 20 units
- delivery lead time = 2 days
- safety stock = 10 units
reorder point = (20 units x 2) + 10 = 50 units
