The following aggregate requirements are for the next three months quarters. Producing one unit costs $40 on regular time of labor hour and $50 on overtime. The current level of inventory is 300 units. Holding one unit in inventory per year costs $6 charged on the average inventory. Shortage cost is estimated as $80 per unit per quarter. Each quarter has 400 hours. It takes 7 hours to produce a unit. The firm has 20 workers now. Each worker can produce 100 units in regular time per quarter. Hiring one worker costs $2,000 and laying off costs $3,000. Develop a Linear Programming (LP) formulation for the aggregate production plan and workforce plan. Do not solve and provide your linear programming. Make your assumptions as needed.
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The following aggregate requirements are for the next three months quarters. Producing one unit … was first posted on June 30, 2020 at 3:14 pm.
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