Cutlery Corner sells specialty knives to knife enthusiasts. They have a generous advertising budget to spread among four media channels: their recurring TV show, newspaper ads, radio spots, and social media. Tom, the owner and star of the TV show is adamant that the show air at least twice a day, seven days a week but decides you can allocate the rest of the budget as you see fit. The TV shows draws 20,000 interested viewers per airing and costs $2,000 per episode. Daily newspaper ads cost $1500 and can be run up to seven days a week. Given the level of readership for newspapers, you settle on a figure of 10,000 people reached per ad. Radio spots come in 15 second and 30 second durations 15 second spots in drive time cost $500 per airing and 30 second spots any other time of the day are a relative bargain at $250. Drive time spots are available twice a day (morning and evening commute) five days a week and reach 12,000, and the "any other time" spots could air up to six times a day seven days a week and reach 5,000 listeners per airing. The social media campaign is run out of a specialist's office and a burst of blogging, tweeting, vining and whatever else happens to be in fashion at the time costs $700 and reaches 10,000. Budget sis assumed to be $45,0000. Naturally, it occurs to you that this could be modeled as a linear program, so you define your variables as: T = dollars spent on a TV campaign N = dollars spent on newspaper advertisements RF = dollars spent on fifteen second drive time radio advertisements RT = dollars spent on thirty second radio advertisements S = dollars spent on the social media campaign What is the objective function and constraints if the problem is set up to determine the way to reach the most potential customers? Setup the model, including the objective function and all constraints.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Cutlery Corner sells specialty knives to knife enthusiasts. They have a generous advertising budget to spread among four media channels: their recurring TV show, newspaper ads, radio spots, and social media. Tom, the owner and star of the TV show is adamant that the show air at least twice a day, seven days a week but decides you can allocate the rest of the budget as you see fit. The TV shows draws 20,000 interested viewers per airing and costs $2,000 per episode. Daily newspaper ads cost $1500 and can be run up to seven days a week. Given the level of readership for newspapers, you settle on a figure of 10,000 people reached per ad. Radio spots come in 15 second and 30 second durations 15 second spots in drive time cost $500 per airing and 30 second spots any other time of the day are a relative bargain at $250. Drive time spots are available twice a day (morning and evening commute) five days a week and reach 12,000, and the "any other time" spots could air up to six times a day seven days a week and reach 5,000 listeners per airing. The social media campaign is run out of a specialist's office and a burst of blogging, tweeting, vining and whatever else happens to be in fashion at the time costs $700 and reaches 10,000. Budget sis assumed to be $45,0000.
Naturally, it occurs to you that this could be modeled as a linear program, so you define your variables as: T = dollars spent on a TV campaign
N = dollars spent on newspaper advertisements
RF = dollars spent on fifteen second drive time radio advertisements
RT = dollars spent on thirty second radio advertisements S = dollars spent on the social media campaign
What is the objective function and constraints if the problem is set up to determine the way to reach the most potential customers?
Setup the model, including the objective function and all constraints.
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