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1. What problem does Victor Lenac Shipyard (VL) face that Ivana Boric thinks she can help solve? What should Boric’s objective be in solving the problem? What variables can she control in the effort to reach the objective? What factors might impede the effort to reach the objective.

2. Identify any limits to the quantities of the variables of processes.

3. Determine the combination of contracts that provide the maximum contribution to profits (solve the linear programming problem in excel and provide the solution in excel as well).
 
 

Answer:

1.Since the 1990s, Victor Lenac shipyard has been faced with handful problems. Choppy seas are one of the problems the shipyard company is faced within the recent past. High fixed cost of production which cannot be supported by the amount of sales volumes of the company is another big challenge to the future of Victor Lenac Shipyard Company. The high fixed costs of production resulted from the recent expansion of the shipyard company.

Despite the current situation of Victor Lenac shipyard, Ivana Boric has suggested several ways of overcoming these business problems. Boric should aim at improving the profitability of Victor Lenac shipyard by changing the mix of products produced by the company. To increase the profitability of a business, low operational costs vital (Scarborough, 2012; Gnanaweera & Kunori, 2018). Boric believes that changing the mix of products, training employees, and improving the technology used in the production process would increase profitability in the future. In order to improve the profitability of the company, Boric have several variables to control which include; repairs, conversions, new building, and offshore jackets.

Boric noticed beforehand achieving his objective to increase the profitability of the company is quite challenging. One of the challenging factors is a prior valuation of repairs. He argues that repairs it is impossible to value repairs beforehand hence contractual agreements are done only after repairs begin. In addition, less than two new building contracts are secured in a year and building one new shop takes approximately two years. Moreover, Victor Lenac shipyard has no required expertise to compete in the transport industry and is financially constrained.

2.One way of ensuring correct and informed decisions are made is the use of linear programming method using solver method. Proper decision making is vital to business success and profit maximization (Dantzig, 2016; Vanderbei, 2014). The limits of contributions for repair, conversion, offshore jacket, and new building are 520171, 50154710, 3098844, and 1600150 respectively.

Resources Available

 

Repair

conversion  

 offshore jacket

New  building

 

Available

Steel

170

1100

418

300

 

5500

Corrosion protection

5700

48000

4200

10000

 

500000

Dock days

9

83

0

20

 

700

Labour hours

47645

731000

170609

100246

 

4000000

 

 

 

 

 

 

 

Contracts

repair

1

0

0

0

 

40

conversion  

0

1

0

0

 

4

 offshore jacket

0

0

1

0

 

2

New building

0

0

0

1

 

2


3.According to the linear programming solver result, ship repairs requires no contribution hence the best investment option of the four contracts. Ship conversion and new building combination is likely to yield the highest expected returns than repairs and offshore. Production of the offshore jacket is has a likelihood of plunging and profitability the company into losses. Therefore, the Victor Lenac shipyard company should invest the highest share in repairs and the least share of contribution in conversion business.

 

References

Dantzig, G. (2016). Linear Programming and Extensions. Princeton University Press.

Gnanaweera, K., & Kunori, N. (2018). Corporate sustainability reporting: Linkage of corporate disclosure information and performance indicators. Cogent Business & Management, 5(1). doi: 10.1080/23311975.2018.1423872

Scarborough, N. (2012). Effective small business management. Upper Saddle River, N.J.: Pearson.

Vanderbei, R. (2014). Linear programming. New York: Springer.

OR

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