Project Assignment: Business Analytics
LP Project Instructions:
Use the information given below to set up and solve a LP and provide the manager with the relevant information needed to make the optimal decision about how to move forward. You should be prepared to answer a few quiz questions about the initial optimal decision and results. You should also be prepared to change certain assumptions and then solve the problem for a new optimal decision. You will get credit for answering questions via an online quiz.
You want to sell three additional items at your sculpture booth at the Cooper-Young Festival: wool dryer balls, wool scarfs, and wool hats. You crochet these items while watching Amazon Prime, sitting in waiting rooms, and at other idle times as a way to relax and make a little extra money which means over the summer you expect to have 296 hours. You purchased 70 skeins of wool yarn on clearance for $3.00 per skein and one 10 oz. box of roving. A wool dryer ball is a crocheted ball stuffed with wool roving. Each dryer ball uses ½ an ounce of roving which costs $0.75 and requires 1/10 of a skein of yarn for the ball itself and takes 1.5 hours to make. A scarf requires 2 skeins of yarn and takes 10 hours to make. A hat also requires 2 skeins of yarn and takes 12 hours to make. Based on last year's demand you want to have at least 8 of each of your projects available. You also observed that you sold twice as many scarfs as hats. You are able to sell the Dryer balls for $5.00 each, the Scarfs go for $25 each, and the Hats for $32.00 each. What should you crochet to make the most money?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.