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Help with Aggregate Planning Math Problem?
Determine the production and inventory plan to meet demand in the
next 3 months. The production facility produces at most 400 units in one month. Cost
to produce 1 unit in next 3 months are respectively $28, $30, and $40. Cost
of carrying 1 unit of inventory in the next 3 months are respectively are $2, $3, and $3.
Assume a starting inventory of 20 units. The demand for the next 4 months
are respectively 200, 250 and 400 units. Build a mathematical formulation that will minimize the
production and inventory costs while ensuring that monthly demands are met.
- Define decision variables using complete sentences
- Write the objective function in words
- Write the constraints using sentences
- Express objective function mathematically
- Express constraints mathematically
- Input the mathematical formulation into an Excel worksheet.
- What is the optimal solution? (Use solver to determine the solution)
- What is the optimal objective function value? (use solver to determine the optimal objective
function value)
