The Meredith Ribbon Company Produces Paper and Fabric Decorative Ribbon

question 28

Essay

The Meredith Ribbon Company produces paper and fabric decorative ribbon which it sells to paper products companies and craft stores. The demand for ribbon is seasonal. Information about projected demand and production for a particular type of ribbon is given. $\begin{array}{llll}&\text { Demand (yards) } & \text { Froduction Cost Per Yard} & \text { Froduction Capacity (yards) }\\\hline\text { Quarter 1 } & 10,000 & .03 & 30,000 \\\text { Quarter 2 } & 18,000 & .04 & 20,000 \\\text { Quarter 3 } & 16,000 & .06 & 20,000 \\\text { Quarter 4 } & 30,000 & .08 & 15,000\end{array}$ An inventory holding cost of $.005 is levied on every yard of ribbon carried over from one quarter to the next.
a.Define the decision variables needed to model this problem.
b.The objective is to minimize total cost, the sum of production and inventory holding cost.Give the objection function.
c.Write the production capacity constraints.
d.Write the constraints that balance inventory, production, and demand for each quarter.Assume there is no beginning inventory in quarter 1.
e.To attempt to balance the production and avoid large changes in the workforce, production in period 1 must be within 5000 yards of production in period 2.Write this constraint.

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Definitions:

Male Bias

A tendency to prefer, value, or highlight male perspectives, experiences, or interests, often leading to the marginalization of female voices.

Psychotherapy

A therapeutic treatment involving psychological techniques; intended to help a person change behavior and overcome problems in desired ways.

Applied Psychology

The use of psychological methods and findings of scientific psychology to solve practical problems of human and animal behavior and experience.

Practical Significance

The extent to which research findings have meaningful, applicable implications in the real world, beyond statistical significance.