Formulate the following problems as balanced assignment models: Person A is planning to organize a party with his friends. Since they have a tight budget, Person A has assigned specific tasks (related to renting party equipment) to his friends Person B, Person C, Person D and Person E. Person B and Person D were unable to get quotations for the confetti cannon and bubble machine respectively. The table below shows the quotations (in USD) each friend has obtained for each item. Person B Person C Person D Person E Bouncy Castle Helium Tank Confetti Cannon Bubble Machine 500 400 500 700 900 700 300 200 200 500 600 200 300 700 Help Person A decide which of his friends should rent which equipment, and how much it will cost. Person A is only interested in the optimal combination.
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INTRODUCTION TO OPERATIONS RESEARCH QUESTION
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- The Tinkan Company produces one-pound cans for the Canadian salmon industry. Each year the salmon spawn during a 24-hour period and must be canned immediately. Tinkan has the following agreement with the salmon industry. The company can deliver as many cans as it chooses. Then the salmon are caught. For each can by which Tinkan falls short of the salmon industrys needs, the company pays the industry a 2 penalty. Cans cost Tinkan 1 to produce and are sold by Tinkan for 2 per can. If any cans are left over, they are returned to Tinkan and the company reimburses the industry 2 for each extra can. These extra cans are put in storage for next year. Each year a can is held in storage, a carrying cost equal to 20% of the cans production cost is incurred. It is well known that the number of salmon harvested during a year is strongly related to the number of salmon harvested the previous year. In fact, using past data, Tinkan estimates that the harvest size in year t, Ht (measured in the number of cans required), is related to the harvest size in the previous year, Ht1, by the equation Ht = Ht1et where et is normally distributed with mean 1.02 and standard deviation 0.10. Tinkan plans to use the following production strategy. For some value of x, it produces enough cans at the beginning of year t to bring its inventory up to x+Ht, where Ht is the predicted harvest size in year t. Then it delivers these cans to the salmon industry. For example, if it uses x = 100,000, the predicted harvest size is 500,000 cans, and 80,000 cans are already in inventory, then Tinkan produces and delivers 520,000 cans. Given that the harvest size for the previous year was 550,000 cans, use simulation to help Tinkan develop a production strategy that maximizes its expected profit over the next 20 years. Assume that the company begins year 1 with an initial inventory of 300,000 cans.Jane operates a small IT consulting firm. Her company supplies services to a Fortune 500 company, Megacorp, through a regular contract. She estimates the costs of completing assignments for this company and tracks the costs of completing the various jobs. She finds that her estimates are generally on target-sometimes she is a bit high; sometimes a bit low. On average her estimated costs of completing work for her client match the actual costs. Megacorp reduces the number of assignments made to Jane's company and Jane decides to bid for new assignments with other clients. Jane wins bids to provide IT consulting services to three new clients and finds that her estimated costs of completing the jobs are well below that actual costs of completing the jobs. Please use auction concepts to explain this outcome. Briefly explain. (Hint: The correct answer to this question is much shorter than the question itself.)About Assignment Short-Term Scheduling The following table shows the contribution of benefits provided by 5 employees A, B, C, and D in handling 5 types of work I, II, III, IV, and V. Work Employee A B C D I 10 12 10 8 II 14 10 9 15 III 8 8 7 9 IV 13 15 8 16 V 10 13 14 11 Determine the maximum contribution that can be obtained using the Assignment Models
- Job Costing Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead ratebased on direct labor hours to apply overhead to individual jobs. For the current year, estimated direct laborhours are 95,000 and estimated factory overhead is $617,500. The following information is for Septemberof the current year. Job A was completed during September, and Job B was started but not finished.[LO 4-3, 4-4, 4-5]September 1, InventoriesMaterials Inventory $ 7,500Work-in-Process Inventory (All Job A) 31,200Finished Goods Inventory 67,000Material purchases 104,000Direct materials requisitionedJob A 65,000Job B 33,500Direct labor hoursJob A 4,200Job B 3,500Labor costs incurredDirect labor ($8.50/hour) 65,450Indirect labor 13,500Supervisory salaries 6,000Rental costsFactory 7,000Administrative offices 1,800Total equipment depreciation costsFactory 7,500Administrative offices 1,600Indirect materials used 12,000Required1. What is the total cost of Job A?2. What is the total…A mortgage service office has the following four activities involved in approving a loan application. Note that a working day is 8 hours and there are 60 minutes in one hour. Activity A. Property survey B. Credit report C. Title search 20.869 D. Final decision Time (minutes) 25 25 28 21 Activities B and C are combined together and assigned to two employees, while the other two employees are responsible for activities A and D respectively. What would be the maximum number of loan applications the office can process per day? Numbers only, keep three decimals if not exact, either round up or down is okJacky works as a corporate event coordinator in an event management company. She has been made an overall official in charge of organizing a painting exhibition for one of the clients of the company. For ensuring that the exhibition takes place successfully, she identifies the various activities involved and divides the whole work into various task groups like the marketing committee, decoration committee, and reception committee. In order to facilitate coordination within and among committees, she appoints a supervisor for each group. Each member in the group is asked to report to their respective supervisors and all the supervisors are expected to work as per Jacky's orders. Describe briefly the various steps involved in the performance of the function of management as identified in the question.
- GRAPHICAL METHOD: A store wants to liquidate 200 of its shirts and 100 pairs of pants from last season. They have decided to put together two offers, A and B. Offer A is a package of one shirt and a pair of pants which will sell for $30. Offer B is a package of three shirts and a pair of pants, which will sell for $50. The store does not want to sell less than 20 packages of Offer A and less than 10 of Offer B. How many packages of each do they have to sell to maximize the money generated from the promotion? Attach the PDF or JPEG file of the solution made. *David Green is going to set up a sole trader business as a Decorator. He knows that he would be personally responsible for his business's debts. He also would have some accounting responsibilities: however, he does not know about the steps for starting a business. He wants you to consult him in this matter. Required: Provide steps for starting a new business as a DecoratorPaige Turner has been working in a law firm for the last two years and has been bullied by her manager ever since she joined. She is given targets that are impossible to complete within the given time frame. When she is unable to complete her work, her manager admonishes her in front of everyone. In addition, Paige is not invited to take part in discussions that involve making decisions about client's accounts, which are being attended by all other team members.Identify TWO (2) types of workplace discrimination that are evident in this scenario. Justify your answer.
- RBL’s directors are looking to expand into a new suite of services. Although they are doing quite well in their existing lines of business, analysts have identified some new areas for development. One of these is expansion into manufacturing prefabricated homes. However, this venture requires a large amount of funding. To raise additional funds to finance this new project, the company is considering issuing a new bond.Required: Prepare a short report which supports the case for issuing a corporate bond. In your report:a.Explain what a corporate bond is,b.Outline the characteristics of the bond market,c. Explain the benefits of issuing bonds to raise financing.You want to assign a set of jobs to a set of machines. The following table provides data as to the production/day of each machine when performing a particular job. Machine Job A В C D 140 | 180 | 160 | 200 210 | 195 || 140 | 120 220 | 170 | 180 | 125 185 230 | 100 | 160 1 2 3 4 Determine the best assignment of jobs to. What is the resulting total production of the assignment?A B C D F G H M N O P Raptor Consulting has three (3) projects to complete this year. They have four (4) project teams currently available. Each project team can at most do one project. Based on the mix of skills and experience on each of the teams, Raptor has developed the following estimates on time taken by each team (in days) to 2 complete each proiect. 3 4 5 6 7 8 9 10 Determine the optimal assignment of teams to projects in order minimize the total days taken to complete all the projects. 11 12 Please answer items A-E below 13 A. Formulate the problem as an assignment problem. Use worksheet tab "Q2 SS Model" to develop your formulation. 14 Use worksheet tab "Q2 SS Model" to develop your formulation 15 16 B. Solve the problem using Excel Solver. 17 Use worksheet tab "Q2 SS Model" Teams Project Team 1 Team 2 Project A 50 30 Project B 35 28 Project C 33 37 Ready Title Q1 E Accessibility: Investigate Team 3 Team 4 55 27 25 35 30 23 18 19 C. What is the optimal assignment of teams to…