Pom qm idle time
In formulating this as a linear programming problem, define the variables as follows:Īccording to Table 8-5, which describes an investment problem, suppose that Ivana has decided that the amount invested in stocks cannot exceed one-fourth of the total amount invested. Thus, she may have some money invested in all three alternatives. She has decided that any or all of the $200,000 may be invested, but any part (or all) of it may be put in any of the 3 alternatives.
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She has decided to invest her money in any of three possible ways: CDs, which pay a guaranteed 6 percent stocks, which have an expected return of 13 percent and a money market mutual fund, which is expected to return 8 percent. Ivana Myrocle wishes to invest her inheritance of $200,000 so that her return on investment is maximized, but she also wishes to keep her risk level relatively low. Define the variables as follows:Īccording to Table 8-1, which describes a production problem, suppose it is decided that the number of hours used in the assembly process must be at least 90 percent of the number of hours used in the finishing department. In the new version of the Windows software, POM for Windows, QM for Windows and DS for Windows have been combined into one flexible product - POM-QM for Windows.
POM QM IDLE TIME SOFTWARE
Linear programming is to be used to develop a production schedule. POM-QM is a software for production/operations management, quantitative methods, management science, and operations research. Currently, each week there are 200 hours of assembly time available, 180 hours of finishing time, and 40 hours of inspection time.
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The profit per table is $120 while the profit per chair is $80. Each chair requires 2 hours of assembly, 2 hours of finishing, and 1 hour of inspection. Each table requires 3 hours of assembly, 2 hours of finishing, and 1 hour of inspection. Each product must go through three stages of the manufacturing process: assembly, finishing, and inspection.
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A small furniture manufacturer produces tables and chairs.