The Tots Toys Company Is Trying to Schedule Production of Two

question 59

Essay

The Tots Toys Company is trying to schedule production of two very popular toys for the next three months: a rocking horse and a scooter.Information about both toys is given below.
Develop a model that would tell the company how many of each toy to produce during each month.You are to minimize total cost.Inventory cost will be levied on any items in inventory on June 30,July 31,or August 31 after demand for the month has been satisfied.Your model should make use of the relationship
Beginning Inventory + Production − Demand = Ending Inventory
for each month.The company wants to end the summer with 150 rocking horses and 60 scooters as beginning inventory for Sept.1.Don't forget to define your decision variables.
$$\begin{array} { l l l l l } & \text { Plastic } & \text { Time } & \text { Monthly Demand } & \text { Monthly Demand } \\\text { Summer Schedule } & \text { Available } & \text { Available } & \text { Horse } & \text { Scooter } \\\hline \text { June } & 3500 & 2100 & 220 & 450 \\\text { July } & 5000 & 3000 & 350 & 700 \\\text { August } & 4800 & 2500 & 600 & 520\end{array}$$

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Definitions:

Neutral Third Party

An impartial individual or entity involved in a negotiation or conflict resolution who does not favor any side involved in the dispute.

Negotiation

A dialogue between parties intended to reach a beneficial outcome over a conflict, disagreement, or deal.

Arbitrations

A method of resolving disputes outside the courts, where the parties involved present their case to a neutral third party for a decision.

Trials

Formal judicial proceedings where disputes are resolved and judgments are made based on evidence presented.