Industrial Engineering and Production Management
- 1
- If A is the total items consumed per year, P is the procurement cost per order, and C is the annual inventory carrying cost per item, then the most economic ordering quantity is given by
- 2
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If (R) is the base rate guaranteed per hour, (S) is the standard time for the job and (T) is the actual time, then according to Halsey 50-50 plan, wages for the job will be
- 3
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If F is the fixed cost, V is the variable cost per unit (or total variable costs) and P is the selling price of each unit (or total sales value), then break even point is equal to
- 4
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If (R) is the base rate guaranteed per hour, (S) is the standard time for the job and (T) is the actual time, then according to Rowan plan, wages for the job will be
- 5
- The probabilistic time is given by (where to = Optimistic time, tp = Pessimistic time, and tn = Most likely time)