Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

General Electric produces 4 types of appliances (i.e. refrigerator, dishwasher, ranges and microwave). There are currently 1000 workers employed who can be hired and laid

image text in transcribedimage text in transcribed

General Electric produces 4 types of appliances (i.e. refrigerator, dishwasher, ranges and microwave). There are currently 1000 workers employed who can be hired and laid off at any time. Initial inventory is 500 units for refrigerators, and 420 units for dishwashers, 380 units for ranges and 450 for microwaves. Number of units that can be made by one worker, forecasted demand, unit costs, and holding costs, as well as costs of firing and hiring and cost per worker are all given as part of tab "Problem 6" of your Excel file. a) Develop the cost function for General Electric. b) Input all the constraints into Excel's Solver to minimize the cost. c) Report your optimized cost value through Solver report. Forecasted Demand Unit Costs Holding Costs Time period RefrigeratorDishwasherRMicrowave Refrigerator DishwasherRange Microwave Refrigerator DishwasherRMicrowave 146 121 137 142 160 147 136 126 18 4372 5072 5367 3808 3142 3208 3207 5004 5590 4610 5339 3975 5490 3662 4768 4352 152 138 138 128 131 152 120 142 20 14 14 12 in 19 19 19 13 Summer 17 Winter Number of units that can be made by one worker per Time period RefrigeratorDishwasherRanges Microwave 403 265 218 415 251 228 448 214 439 379 276 262 rin 284 314 208 Summer Winter Time period Costs of hiring Costs of lay off Costs per worker Winter 434 718 544 Summer 435 716 611 418 773 540 765 617

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

IFRS edition volume 2

978-0470613474, 470613475, 978-0470616314

More Books

Students also viewed these Accounting questions

Question

Find each of the following. Do not use a calculator. log 0.00001

Answered: 1 week ago