...Chapter one 1.1 Introduction For many manufacturers the task of meeting the ever rising demand and customer expectations and lowering production cost and maximizing profit in an environment of more products, more complexity, more choice and competition is placing great stress on the effectiveness of their planning of activities in the product kind. Organizations have already adopted solutions with varying degrees of planning and scheduling capabilities. Yet, operations executive acknowledge that these same systems are becoming out dated, lacking the speed, flexibility and responsiveness to manage their increasing complex production environment. Optimization techniques are applied to find out whether resources available are effectively utilized in order to achieve optimum profit from the activities of the firm. There should be consistency in the use of various resources and the mix should be such that it brings down the cost for ensuring profit. Therefore, it is the duty of the management to exercise control over the resources and to see that the resources are effectively utilized. Similarly, organizations in general are involved in manufacturing a variety of products to cater the needs of the society and to maximize the profit. While doing so, they need to be familiar with different combinations of product mix which will maximize the profit. Or alternatively minimize the cost. The techniques such as ratio analysis, correlation and regression analyses, variance analysis...
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...aids to decision makers to take best decision for effective & efficient use of resources which ultimately lead to profit maximization or to achieve multiple goals or objective. | Course must be aligned with a strategic objective of the program Prerequisites/Co-requisites | Quantitative Methods I | Learning Objectives | To learn basic optimization techniques and their managerial applications with a focus on methodologies such as Linear Programming, Transportation models, Assignment Models, Transhipment Models, Games Theory, Queuing Models, Goal Programming, Integer Programming, Non-linear Programming, Simulation and Decision Theory. | Learning objectives must be aligned with learning outcomes of the course Teaching Methods | Modeling, Case study, Software-based solutions | Refer academic policies and procedures handbook For Internal Use Only Session Plan* | SESSION-1: Overview on Operations Research modelling (OR modelling): meaning, definition, steps involved in OR modelling; Session-2: Overview on Linear Programming (LP): LP meaning, various applications,...
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...[pic] |Quantitative Methods – MAT 540 | |Student Course Guide | |Prerequisite: MAT 300 | |INSTRUCTIONAL MATERIAL – Required | |( including all mandatory software) | |Taylor, B. M. (2010). Introduction to management science (10th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall. | |Treeplan add-on for Excel. This software is available in the Open Lab at Strayer campuses, and can also be downloaded from the textbook's | |companion Website. http://wps.prenhall.com/bp_taylor_introms_10/112/28870/7390752.cw/-/7390754/index.html | | | |COURSE DESCRIPTION | |Applies quantitative methods to systems management...
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...Optimizing Printed Circuit Board Production: A Case Study Abstract This paper focuses on the production of 5 different printed circuit boards (PCBs). The purpose of this paper is to understand the best production model to reach maximum profit. It is understood that there are production capacities that will limit the overall amount of products produce. Through the use of Linear Programming we can determine, based on the current circuit boards sale price, the number of each board type the plant needs to produce. It can also be determined which production capacity would need to be increased in order to increase production numbers. In addition, this paper will look at how the production schedule will alter based on customer demands and changes in sales price. Optimizing Printed Circuit Board Production A Case Study ABC Electronics is a manufacturer of printed circuit boards and there is 5 different types the company produces. The Company wants to use Linear Programming to find the best production schedule to maximize profits. For each circuit board (A5464, A2668, G3897, Z9794 and L8687) the company has determined what the profit is for each board type. The profit was calculated by subtracting the material, labor and overhead costs from the selling price (see Appendix A. Individual Profit line). It was also determined the producing minutes for each board during all steps of the process (Laminating, Drilling, Plating, Etching, and Wiring) and the capacity in minutes each...
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...of the case. I provide feedback and you continue working on the second part. (Note: To be able to do the second part, we need to learn the content in Module 3.) Then, by December 9, you consolidate your analysis of the first and second parts, put them in a report format with the instructions given (executive summary, etc.) and submit. 2. Expected situation: Setup the spreadsheet model and provide brief answers to part I questions within the Excel worksheet. I provide feedback, and you will be working on the rest of the questions until December 9. If there is any mistake in your progress submission, I will provide specific instructions on how to fix them, and in the following weeks after that, you may submit additional progress reports to make sure you are on the right track. I will provide feedback on your progress if you ask for it. 3. Flexible situation: Read/understand the case, have some ideas about what method you will use to solve it and how you will set up the Excel model, and have a feasible plan that will help you finish the case by the final deadline. In this case, you can submit a draft or partially-complete Excel worksheet and I will provide feedback based on your submission. Case: Location, Distribution, and Capacity Expansion at a Beer Manufacturer A Case Study of Location, Distribution, and Capacity Expansion Decisions at Anadolu Efes Case Description and Objectives This case study involves the application of linear programming and integer linear programming...
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...LINEAR PROGRAMING AND SIMPLEX METHOD Devharajan Rangarajan Department of Electronic Engineering National University of Ireland, Maynooth devharajan.rangarajan.2016@mumail.ie Abstract— An optimization problem consists of maximizing or minimizing a real function by systematically choosing input values from within an allowed set and computing the value of the function. This pays way to a new world of constrained optimization. This paper focuses on one such optimization technique known as Linear programming and one of its method known as Simplex method in detail with examples. cTx = c1x1 + · · · + cnxn The subject of linear programming can be defined quite concisely. It is concerned with the problem of maximizing or minimizing a linear function whose variables are required to satisfy a system of linear constraints, a constraint being a linear equation or inequality. The subject might more appropriately be called linear optimization. Problems of this sort come up in a natural and quite elementary way in many contexts but especially in problems of economic planning. (or Ax ≤ b) I. INTRODUCTION Linear programming is the process of taking various linear inequalities relating to some situation, and finding the "best" value obtainable under those conditions. A typical example would be taking the limitations of materials and labour, and then determining the "best" production levels for maximal profits under those conditions. In "real life", linear...
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...Analysis Report Case Study Number 1 The NY Fashion Company Prepared for Prepared by John July 2006 Table of Contents Summary of Case Study: 3 Item a: Maximize total contribution margins given the constraints 3 Item b: Sensitivity analysis of solution given 10,000 yards additional acetate. 6 Item c: Income statement 7 Item d: Unit profit using the volume-based costing method. 10 Item e: Unit profit using the activity based costing method. 11 Item f: Financial/economic explanation for the difference between the unit profits 14 Appendix – Case Study #1 A-1 Summary of Case Study: This case study concerns determination of an optimum product mix solution given a number of resource, demand, and production constraints for a clothing manufacturer. Sensitivity to change in one of the resource constraints is examined. An income statement is developed based on the optimum solution determined. Finally, the unit profit is calculated using both traditional volume based costing and using activity based costing; included is a discussion of the financial and economic reasons for the difference between the two results. The case study document is included as an appendix to this report. Because of difficulties presenting the TORA output files in a readable state as integral parts of this document, those output files are both embedded in the document represented as icons and they will be submitted as four separate files along with this report. With this...
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...ASSIGNMENT ON OPERATION RESEARCH ( FIN – 3104 ) 3RD YEAR , 1ST SEMESTER BBA – 3RD BATCH DEPARTMENT OF FINANCE JAGANNATH UNIVERSITY TOPIC Quantitative Analysis for Optimization : Using Linear Programming & Transportation Problem Group Name Name & ID No. of the Group Members: |Sl. No. |Name |ID No. | | | | | |01 |Suman Chandra Mandal (Group Leader) |091557 | | |Md. Nahid Islam |091604 | |02 | | | | | | | |03 |Mahbuba Mehreen |091619 ...
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...p://www.cob.sjsu.edu/ahuja_y or at https://sjsu.instructure.com/login. Major assignment handouts, sample workbooks, etc. are made available in https://sjsu.instructure.com/login. You are responsible for regularly checking the Calendar and Course News in Canvas to keep up with ongoing developments during the course. Course Description .Quantitative models and optimization systems used in problemsolving. Studies of decision criteria, statistical decision making, linear programming, inventory control, Project Scheduling/Management Theory, PERT/CPM, simulation, and other techniques used in management. Course Goals and Student Learning Objectives. The course will emphasize basic principles of mathematical modeling, computational algorithms and spreadsheet computer solutions of optimization, decision analysis, simulation and network based methods applied to business problems. I. Students will learn various aspects of Linear Programming How to formulate word problems algebraically How to obtain Graphical Solutions to problems with two variables How to set up Linear Programming problems in the spreadsheet How to use the Excel Solver to solve LP problems in the spreadsheet How to read and interpret the Answer and Sensitivity reports...
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...expected to • Formulate real world decision making situations as mathematical optimisation problems • Solve linear programming problems • Be able to understand what the solution means • Understand basic concepts of transportation, assignment and integer programming problems. Reference [1] F.S.Hillier and M.S.Hillier, Introduction to Management Science: A Modeling and Case Studies Approach with Spreadsheets, Tata McGraw-Hill, New Delhi,. [2] H.A.Taha, Operations Research An Introduction, Prentice Hall of India Private Limited, New Delhi. [3] Hiller and Lieberman, Introduction to Operations Research, Tata McGraw Hill, New York,. [4] N. Balakrishnan, B. Render and R.M.Stair, Managerial Decision Modeling With Spreadsheets, Pearson Education. Objective: Operations Research is the science of decision making and the art of decision modelling. It is a set of quantitative tools used by the managers to take decisions and formulate their business strategies. The basic objective of this course is to provide an understanding of the important techniques used in decision making. A certain level of mathematical hands-on expertise will be required to ensure understanding of the tools in operations research. At the end of the course you are expected to • Formulate real world decision making situations as mathematical optimisation problems • Solve linear...
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...Shanti Business School PGDM Batch 2015-17 Semester II Course Outline 1 Shanti Business School, Ahmedabad PGDM 2015-17: Program Structure Semester-1 Semester-2 Semester-3 Semester-4 Course credit Course credit Course credit Language Skills @ Written Analysis & Communication @ Soft skills II @ Employability Skills @ IT & MIS 2 Soft skills I @ Computing skills 2 Social Media Marketing @ 2 Legal Aspects of Business 2 Business Strategy 3 Management Control Systems 3 Micro Economics 3 Macro Economics 3 Business Environment 3 Business Ethics & Corporate Governance 2 Quantitative Methods-1 3 Business Research Methods 3 Quantitative Methods-2 3 Core Elective-1 3 Core Elective1 3 Core Elective-2 3 Core Elective2 3 Elective-1 3 Elective-1 3 Elective-2 3 Elective-2 3 Grand Project-1 3 Grand Project-2 3 Principles of Management Basic Building Blocks Autumn Break Executive Skills Organisational Behavior Human Resources Management 3 Marketing Management 1 3 Marketing Management -2 3 Understanding Financial Statements 3 Financial Mgt 3 Operation Management Management Domain 3 3 Basics of Business Planning 2 Electives Credits Autumn Break credit SUMMER INTERNSHIP Course ...
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...DE LA SALLE UNIVERSITY COURSE SYLLABUS COLLEGE : COLLEGE OF BUSINESS DEPARTMENT: DSI COURSE CODE : MANASCI CLASS DAYS AND CLASS TIME: TH, 1800-1930/1940-2110 ROOM: L330 INSTRUCTOR: MR. ENRICO L. CORDOBA (lance_emeric@yahoo.com) COURSE DESCRIPTION: MANASCI (MANAGEMENT SCIENCE) is a 14-week course on the study of quantitative techniques in business decision-making. The course covers linear programming models and its special algorithms; network (PERT/CPM) models; decision-making theories and processes; and decision tree construction and analysis. LEARNING OUTCOMES (LO): On completion of the course, the student is expected to be able to do the following: |ELGA |LEARNING OUTCOME | |Effective communicators |To present in class the application of quantitative techniques to management decision | | |models through case analysis | |Critical and creative thinkers |To develop analytical thinking and proper reasoning in the application of quantitative | | |techniques to management decision models | | |To acquire the essential skills for the proper use of quantitative...
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...CASE STUDY I: A real estate company owns 800 acres of undeveloped land on a scenic lake in the heart of the Aravalli mountains. In the past, little or no regulation was applied to new developments around the lake. The lake shores are now dotted with vacation homes and hotels. Because the lack of sewage service, septic tanks are in extensive use, most of which are not properly constructed. Seepage from the tanks has resulted in a severe water pollution problem. To curb the degradation in the quality of water, the municipal authorities have approved stringent ordinances applicable to future developments. The new regulations are: • Only single, double and triple family homes can be constructed, with single family homes accounting for at least 50% of the total. • To limit the number of septic tanks, minimum lot sizes of 2, 3 and 4 acres are required for single, double and triple family homes respectively. • Recreation areas of 1 acre each must be established at the rate of 1 area per 200 families. • To preserve the ecology of the lake, underground water may not be pumped for house or garden use. The company is studying the possibility of developing the 800 acres it owns. The new development will include single, double and triple family homes. It is estimated that 15% of the acreage will be used up as utilities and streets. The company estimates the returns from the different housing units as: Housing unit Single family Double...
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...Business Essay In order to find out the most cost-effectively decision, Shuzworld is considering the possibility of opening a new store on route 20, just outside of Auburn, referred to as the stand-alone option. The second option is opening a store in the Auburn Mall, and the third is not opening a store at all. To do nothing now, and wait for a better time to move in to the market. Shuzworld is also considering purchasing market research. I recommend that Shuzworld should use the decision tree graphical method, because of the nature of the issue (a graphic manner was asked to be used). A very important reason to why I am recommending this tool, is because the decision tree method is most commonly used for this kind of cases, as the Shuzworld presented case. The profitability problem is one of the most important problems of future profitability when opening a new store process and is the important content of the course of operation management. By recommending the use of this crucial tool, we need to understand, that this will give Shuzworld a direction, to which one of the three options is the best (the stand-alone option, opening of a brand new store or to do nothing now) for the most cost-effectively and profitability option. Also I am recommending this tool, because the decision tree analysis process, which are of great importance in the industrial production of high quantity standardized products (Shoes,...
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...This page intentionally left blank R E V I S E D T H I R T E E N T H E D I T I O N AN INTRODUCTION TO MANAGEMENT SCIENCE QUANTITATIVE APPROACHES TO DECISION MAKING David R. Anderson University of Cincinnati Dennis J. Sweeney University of Cincinnati Thomas A. Williams Rochester Institute of Technology Jeffrey D. Camm University of Cincinnati Kipp Martin University of Chicago Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. An Introduction to Management Science: Quantitative Approaches to Decision Making, Revised Thirteenth Edition David R. Anderson, Dennis J. Sweeney, Thomas A. Williams, Jeffrey D. Camm, & Kipp Martin VP/Editorial Director: Jack W. Calhoun Publisher: Joe Sabatino Senior Acquisitions Editor: Charles McCormick, Jr. Developmental Editor: Maggie Kubale Editorial Assistant:...
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