Assignment : Linear programming and project management
To answer this question:
Answer each question and explain your reasoning or show your calculations.
1. What is the optimal production schedule for this firm? What is the profit contribution of each of these products?
2. What is the marginal value of an additional hour of time on machine 1? Over what range of time is this marginal value valid?
3. What is the opportunity cost associated with product 1? What interpretation should be given to this opportunity cost?
4. How many hours are used for machine 3 with the optimal solution?
5. How much can the contribution margin for product 2 change before the current optimal solution is no longer optimal?
Individual Project
For this part of this project, you will need to use the POM software:
1. Review the linear programming section from the POM manual:
Weiss, H.J. (2013) POM-QM for Windows manual. Upper Saddle River, NJ: Prentice Hall. Available from the ‘Help' menu in the POM-QM Windows software.
You may also wish to research and review online tutorials regarding the linear programming module.
2. Program the project management problem below and solve it with the use of POM. Select Project Management(PERT/CPM) module, and then select the option File->New->Mean, Std dev given items.
To answer this question:
Answer each question and explain your reasoning or show your calculations.
1. Calculate the project completion time.
2. Indicate the critical path activities.
3. What is the probability of completing this project between 38 and 40 days?
4. What are the slack values for activities C and F? Interpret the meaning of their slack values.
Attachment:- Assignment.rar