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You have been hired as an operations research consultant by a company to reevaluate the inventory policy for one of its products. The company currently uses the basic EOQ model. Under this model, the optimal order quantity for this product is 1,000 units, so the maximum inventory level also is 1,000 units and the maximum shortage is 0. You have decided to recommend that the company switch to using the EOQ model with planned shortages instead after determining how large the unit shortage cost ( p) is compared to the unit holding cost (h). Prepare a table for management that shows what the optimal order quantity, maximum inventory level, and maximum shortage would be under this model for each of the following ratios of
MATH1550H: Assignment: Question: A word is selected at random from the following poem of Persian poet and mathematician Omar Khayyam (1048-1131), translated by English poet Edward Fitzgerald (1808-1883). Find the expected value of the length of th..
MATH1550H: Assignment: Question: what is the least number of applicants that should be interviewed so as to have at least 50% chance of finding one such secretary?
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MATH1550H: Assignment: Questions: Let’s assume the department of Mathematics of Trent University has 11 faculty members. For i = 0; 1; 2; 3; find pi, the probability that i of them were born on Canada Day using the binomial distributions.
Caselet on McDonald’s vs. Burger King - Waiting time
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Estimate the population mean
Conduct a marketing experiment in which students are to taste one of two different brands of soft drink
Find out the probability
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