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Probability and Using Whats Best

Finely Company is a manufacturer of picture frames. The biggest sellers they have are the Concave and the Round. The Concave sells for $50 and requires 80 ounces of material and 30 minutes of labor. The Round sells for $75 and requires 90 ounces of material 45 minutes of labor. The company pays $0.50 an ounce for material and $0.10 a minute for labor. Seleny will not be able to get more than 25000 ounces of material and no more than 1000 minutes of labor.

1) Construct a spreadsheet model assuming 100 Concave and 200 Round will be produced.
Use the following order ONLY on your sheet: Profit, Material used, labor used, revenue, unit selling price, quantity made, and material per unit, minutes per unit, cost of material used, cost of labor used, cost per lb, cost per minute.

You must use Excel to answer this question

2) Find the optimal solution using the model and What's Best

3) How many Round and Concave should be made and solve graphically.

4) A manager has four jobs that must be assigned. Estimated processing times for each of four employees are shown in the following table:

1 6.2 8 5.4 4.8
2 6 7.2 5.8 4.4
3 5.5 6 6.6 6.8
4 6.3 6.6 7 7.3

What is the total processing time for the optimal assignment Use Excel and What BEST


Solution Summary

Excel file contains spreadsheet model and the optimal solution using the model and What's Best, graph and calculations of the total processing time for the optimal assignment.