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A manager of an inventory system believes that inventory models are important decision-making aids. The manager has experience with the EOQ policy, but has never considered a backorder model because of the assumption that backorders were "bad" and should be avoided. However, with upper management's continued pressure for cost reduction, you have been asked to analyze the economics of a backorder policy for some products that can possibly be backordered. For a specific product with D = 800 units per year, Co = $150, Ch = $5, and Cb = $30, what is the difference in total annual cost between the EOQ model and the planned shortage or backorder model? If the manager adds constraints that no more than 25% of the units can be backordered and that no customer will have to wait more than 15 days for an order, should the backorder inventory policy be adopted? Assume 250 working days per year.
In 2014, Equiniti 360 Clinical reported that 52,250 out of a total of 55,000 patients in Wales said they had a great deal of confidence in their doctors.
karen wants to advertise how many chocolate chips are in each big chip cookie at her bakery. she randomly selects a
a song writer wishes to compose a melody. each note in the melody must be one of the 14 notes in her vocal range. how
Critical Thinking: Discuss the implications of: magnitude (from 0 to 1); sign ( + or -); and probability versus causality for the Correlation Coefficient (also known as the Pearson Product-Moment Correlation Coefficient).
a) How would the confidence interval change if the sample size had been 800 instead of 200? b) How would the confidence interval change if the confidence level had been 90% instead of 95%?
let x represent the dollar amount spent on supermarket impulse buying in a 10-minute unplanned shopping interval. based
Given a normal distribution with µ = 50 and s = 5, if you select a sample of n = 100:
a) What is the probability that Freddie will leave without missing a shot? b) What is the probability that Freddie will miss exactly one shot?
Construct and interpret a 90% confidence interval for the mean angle of deformity in the population of all such patients.
What z-score bounds middle 95 % of the normal distribution and what z-score is associated with 75th percentile?
Research and find a recent journal article (published within the last two years) that discusses one key concept or idea that you can immediately apply to a complex problem at your current organization.
Find would be answer to part(a) if there were only single server which can serve customers twice as fast (i.e, with service rate four customers per hour)?
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