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What is the total cost (e.g. the sum of set-up costs and holding costs) of producing...

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General Management

What is the total cost (e.g. the sum of set-up costs and holdingcosts) of producing the gold seals using a Silver-Mealalgorithm? Period - Forecast below :

Period 1 - 130

Period 2 - 30

Period 3 - 60

Period 4 - 50

Period 5 - 200

Period 6 - 550

Period 7 - 180

Period 8 - 140

Period 9 - 60

Period 10 - 50

Period 11 - 100

Period 12 - 250

Set Up cost 1660.5

Holding Cost/seal 2.46/period

Please solve using Silver-meal heuristic.

Answer & Explanation Solved by verified expert
4.4 Ratings (939 Votes)
SolutionFormula for silver meal algorithm is given as followsK 16605hr1 holding cost for period 1 246 x 130 3198hr2 holding cost    See Answer
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