Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Develop a production schedule to produce the exact production requirements by varying the workforce size for the following problem. Evaluate the cost of production schedule.

image text in transcribed
image text in transcribed
Develop a production schedule to produce the exact production requirements by varying the workforce size for the following problem. Evaluate the cost of production schedule. The monthly forecasts for the product X for January, February, and March are 1,010, 1,540, and 1,180, respectively. Safety stock pollcy recommends that half of the forecast for that month be defined as safety stock. There are 22 working days in January, 19 in February. and 21 in March. Beginning inventory is 530 units. Manufacturing cost is $2,100 per unit, storage cost is $6 per unit per month (based on expected end-of-month levels, standard pay rate is $18 per hour, hiring and training cost is $2,100 per worker, layoff cost is $3,100 per worker, and worker productivity is 0.1 unit per hour. Assume that you start off with 42 workers and that they work 8 hours per day. Note: Leave no cells blank - be certain to enter " 0 " wherever required. Input all values as positive values. Round Workers Required up to next higher whole number. Round all other variables to nearest whole number. \begin{tabular}{|l|l|l|l|} \hline Labor cost & & January & \\ \hline Inventory cost & & \\ \hline Hiring cost & & \\ \hline Layoff cost & & \\ \hline Total cost & & \\ \hline Total & & \\ \hline \end{tabular}

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_2

Step: 3

blur-text-image_3

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

Technology Business Management

Authors: Todd Tucker

1st Edition

0997612746, 978-0997612745

More Books

Students also viewed these General Management questions

Question

knowledge management

Answered: 1 week ago