Develop a production schedule to produce the exact production requirements by varying the workforce size for the following problem. The monthly forecasts for Product X for January, February, and March are 1,020, 1,550, and 1,220, respectively. Safety stock policy 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 560 units. Storage cost is $3 per unit per month based on ending inventory level, standard pay rate is $8 per hour, hiring and training cost is $220 per worker, layoff cost is $320 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. (Leave no cells blank - he certain to "O" whorovor roo

Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
icon
Related questions
Question
Please fill out the simple chart
Develop a production schedule to produce the exact production requirements by varying the workforce size for the following problem.
The monthly forecasts for Product X for January, February, and March are 1,020, 1,550, and 1,220, respectively. Safety stock policy
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 560 units.
Storage cost is $3 per unit per month based on ending inventory level, standard pay rate is $8 per hour, hiring and training cost is
$220 per worker, layoff cost is $320 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. (Leave no cells blank - be certain to enter "O" wherever reguired, Innut all values as noritivo
Transcribed Image Text:Develop a production schedule to produce the exact production requirements by varying the workforce size for the following problem. The monthly forecasts for Product X for January, February, and March are 1,020, 1,550, and 1,220, respectively. Safety stock policy 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 560 units. Storage cost is $3 per unit per month based on ending inventory level, standard pay rate is $8 per hour, hiring and training cost is $220 per worker, layoff cost is $320 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. (Leave no cells blank - be certain to enter "O" wherever reguired, Innut all values as noritivo
Laid off
Actual production
Ending inventory
January
February
March
Labor cost
Inventory cost
Hiring cost
Layoff cost
Total cost
Total
< Prev
Mac
Transcribed Image Text:Laid off Actual production Ending inventory January February March Labor cost Inventory cost Hiring cost Layoff cost Total cost Total < Prev Mac
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.