Maximise profit knowing manufacturing data

In summary, the conversation is about solving a problem involving a system of equations and inequalities to determine the number of tables and closets that can be produced given certain resources and profit considerations. The methods discussed include using the simplex method and solving graphically, with a final decision to solve numerically using the pivot point method.
  • #1
prehisto
115
0

Homework Statement


Hi, this is my data and problem.
http://[ATTACH=full]200209[/ATTACH] [ATTACH=full]200210[/ATTACH]

[h2]Homework Equations[/h2][h2]The Attempt at a Solution[/h2]
So I am thinking that I can use system of equation to get the number of tables and closets for given resources.
0,2x+0,1y=40
0,1x+0,3y=60
1,2x+1,5y=371,4
But this does not include that profit from closets are bigger than from tables.. how can i include that?
 

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  • #2
I have another Idea , maybe I can solve ir using Simplex method.
0,2x+0,1y<=40
0,1x+0,3y<=60
1,2x+1,5y<=371,4

and maximize 6x+8y ?
 
  • #3
prehisto said:
I have another Idea , maybe I can solve ir using Simplex method.
0,2x+0,1y<=40
0,1x+0,3y<=60
1,2x+1,5y<=371,4

and maximize 6x+8y ?
Yes, but do not forget the conditions x>=0, y>=0. Also, it has only 2 variables, so can be solved graphically.
 
  • #4
Ray Vickson said:
Yes, but do not forget the conditions x>=0, y>=0. Also, it has only 2 variables, so can be solved graphically.
Thanks .
it seems that graphically is not such a good idea because of the scale of graphs.
Although it seems that it will be nasty, I will try to do it numerically by pivot point method ( if it is the correct notation).
 
  • #5
prehisto said:
Thanks .
it seems that graphically is not such a good idea because of the scale of graphs.
Although it seems that it will be nasty, I will try to do it numerically by pivot point method ( if it is the correct notation).
The graphical method works perfectly well when used as intended: it gives you the information about which two of the five inequalities are equalities at the optimum. Then you have two equations in two unknowns to solve, and doing that gives the exact solution. (The 5 inequalities are the 3 functional inequalities and the two non-negativity conditions.)
 

1. How can manufacturing data be used to maximize profit?

Manufacturing data can be analyzed to identify areas where costs can be reduced and efficiency can be improved. By identifying and addressing these issues, businesses can increase their profit margins.

2. What types of manufacturing data should be collected and analyzed?

Data on production rates, material costs, labor costs, and inventory levels are all important for making informed decisions about maximizing profits. Other useful data may include equipment maintenance records and customer demand trends.

3. How often should manufacturing data be reviewed?

It is important to regularly review manufacturing data in order to identify trends and make necessary adjustments. Depending on the size and complexity of the business, this could range from daily to monthly reviews.

4. What factors should be considered when making decisions based on manufacturing data?

When using manufacturing data to make decisions, it is important to consider both short-term and long-term implications. This may include the impact on production timelines, employee workload, and customer satisfaction.

5. How can technology be used to assist with maximizing profit using manufacturing data?

There are various software and analytics tools available that can help businesses analyze and interpret manufacturing data. These tools can provide insights and recommendations for improving efficiency and reducing costs, ultimately leading to increased profits.

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