Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bill Edstrom, managing partner at a biomedical consulting firm, has requested your expert advice in devising the best schedule for the following consulting projects, starting

Bill Edstrom, managing partner at a biomedical consulting firm, has requested your expert advice in devising the best schedule for the following consulting projects, starting at the beginning of the day on February 2.

DESCRIPTION OF CONSULTATION CALL RECEIVED
TASK LENGTH COMPANY DATE TIME DUE DATE (CLOSE OF BUSINESS)
I 3 days Novartis Corp. February 1 9 A.M. February 5
II 1 day Reardon Biotech Corp. February 1 10 A.M. February 6
III 2 days Vertex Pharmaceuticals February 1 11 A.M. February 8
IV 4 days OSI Pharmaceuticals February 1 1 P.M. February 7

The consulting firm charges a flat rate of $4,000 per day. All four firms impose fines for lateness. Reardon Biotech charges a $500-per-day fine for each day that the completion of the consulting work is past the due date; Vertex Pharmaceuticals, Novartis, and OSI Pharmaceuticals all charge a fine of $1,500 per day for each day late.

Prepare alternative schedules based on the following priority rules: SOT, FCFS, EDD, STR, and another rulelongest processing time (LPT), which orders jobs according to longest assigned first, second longest assigned second, and so on. For the sake of simplicity, assume that consulting work is performed seven days a week.

a. Calculate the total costs (sum of the late fines) for each rule.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Decision Support And Business Intelligence Systems

Authors: David King, Ting Peng Liang

9th Edition

013610729X, 9780136107293

More Books

Students also viewed these General Management questions

Question

What applied experiences do you have? (For Applied Programs Only)

Answered: 1 week ago