Could someone help me figure out this problem as soon as possible cause I need to hand in this in tomorrow 12 am

. STAT279 Assignment First Semester 2014 This Assignment is worth 15% of your total grade for STAT279. You may discuss the Assignment with your classmates if you wish, but must then complete all of the calculations and writing by yourself. Note: every semester, several students receive a mark of 0 for this Assignment, due to plagiarism. Ensure that you do not copy parts of your friends' Assignment submissions. You should write your assignment as a Word or PDF document and submit it along with the Excel file required for Problem 2. Do not paste your Excel output into your Word or PDF document; Excel content should be submitted as an actual Excel file. Submission Instructions You should submit your Assignment via iLearn by 11am, Friday 2 May. Please note that iLearn is fairly reliable, but, like any website, it is occasionally unavailable for short periods. Therefore, do not wait until the due date to start trying to submit your work. If you have technical difficulties in submitting your Assignment, it is your responsibility to ensure these difficulties are resolved by the submission deadline. (Though of course the University has Help services to support you; see http://ilearn.mq.edu.au/login/MQ/help.htm.) Remember to 1) attach the Word or PDF file, 2) attach the Excel file. No submissions will be accepted by email or other means. When you think you have submitted your Assignment, please check to make sure: In iLearn, click on the Assignment, and you should see your uploaded files. This scenario gives the background for the problems 1 and 2 in this Assignment. You are the manager at Nanuq Australia's HT Electronics, which produces the following six microcomputer peripheral devices; internal modems, external modems, graphics circuit boards, CD drives, hard disk drives, and memory expansion boards. Each of these technical products requires time, in minutes, on three types of electronic testing equipment as shown in Table 1 below. Table 1: Time requirements on testing equipment Internal Modem External Modem Circuit Board Optical Drives Hard Drives Memory Boards Test Device 1 7 3 12 6 18 17 Test Device 2 2 5 3 2 15 17 Test Device 3 5 1 3 2 9 2 The Test Device 1 and 2 are available 120 hours per week. The third Test Device requires more preventive maintenance and may be used only 100 hours each week. The market for all six computer components is vast, and HT Electronics believes that it cans sell as many units of each product as it can manufacture. The summary of the revenues and material costa for each product is shown in Table 2. Table 2: Revenues and Material Costs for each product. Device Revenue per Unit Sold ($) Material Cost per Unit ($) Internal Modem 200 35 External Modem 120 25 Circuit Board 180 40 Optical Drives 130 45 Hard Disk Drives 430 170 Memory Expansion Boards 260 60 In addition, variable labour costs are $15 per hour for test device 1, $12 per hour for test device 2, and $18 per hour for test device 3. Problem 1 Formulate the problem as an LP model to maximize profit. Problem 2 Enter the linear program into Excel, and use the Solver to determine the following (a) Optimal production plan and the resulting profit. (b) The value of an additional minute of time per week on test devices 1, 2 and 3. (In addition to producing the relevant Excel output and explain how to find these valuesat least point out their location on the worksheet) (c) Whether HT Electronics should add more test device time and if so, on which test device? Explain fully. Problem 3 The ABK Company purchases a component used in the manufacturing of automobile directly from the supplier. ABK's generator production operation, which is operated at a constant rate, will require 1000 components per month throughout the year. The ordering costs are $25.00 per order, unit cost is $2.50 per component, and annual inventory holing costs are charged at 20% of the purchase cost. (a) Determine and write up an inventory policy for ABK Suppose that ABK's management likes the operational efficiency of ordering in quantities of 1000 units and ordering once each month. (b) Would you recommend in favour of the 1000 unit order quantity? Fully show working and explain your answer. Problem 4 A manager of an inventory system believes inventory models are important decision making aids. While he frequently uses the EOQ model policy, he has never considered a backorder model because he has always felt backorders were \"bad\" and should be avoided. However, with upper management's continued pressure for cost reduction, he has asked you to analyse the economics of a backordering policy for some products that he believes can possibly be backordered. This specific product which costs $150 each has an annual demand of 800 units, an annual holding cost of $3.00 per unit and the annual penalty cost of $20 per unit in backorder. (a) Determine the economic difference in the EOQ and the planned backorder model. (b) If the manager puts constraints that no more than 25% of the units can be backordered and that no customer will have to wait more than 3 weeks (21 days) for an order, should the backorder inventory policy be adopted? Fully justify your answer. (c) If the lead time for new orders is one month for the inventory system, find the reorder point for both the EOQ and the planned backorder models