Exhibit 5-2
A small engineering firm employs one civil engineer, two engineering technicians, and one summer intern. The types of projects the firm does includes surveys (typically 7 per month), designs (5 per month), and construction project plans (four per month). The times, in hours, required for each employee to complete teach type of project are shown below. Based on their capabilities and time spent on travel and administrative tasks, the engineer, tech 1, tech 2, and intern can handle 5, 4, 4, and 3 projects per month, respectively.
-Refer to Exhibit 5-2.Based on their salaries,the engineer,tech 1,tech 2,and intern earn $90,$65,$65,and $45 per hourly,respectively.Change the firm's objective function to minimize staff costs and find the optimal assignment plan.Does it change from the base case
Definitions:
Note Payable
A financial obligation or loan documented by a written promissory note specifying the principal amount, interest rate, and terms of repayment.
Liquidated
Refers to the process of settling debts by selling off assets.
Liquidation
The procedure of concluding a company's operations and allocating its resources among those who have claims.
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