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The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. Probability distributions for the purchase cost, the labor cost, and the transportation cost are as follows:
PurchaseCost ($)
Probability
Labor Cost ($)
TransportationCost ($)
10
0.25
20
0.10
3
0.75
11
0.45
22
5
12
0.30
24
0.35
25
Assume that these are the only costs and that the selling price for the product will be $45 per unit.
Provide the base-case, worst-case, and best-case calculations for the profit per unit.
Set up intervals of random numbers that can be used to randomly generate the three cost components.
Using the random numbers 0.3726, 0.5839, and 0.8275, calculate the profit per unit.
Using the random numbers 0.1862, 0.7466, and 0.6171, calculate the profit per unit.
Management believes the project may not be profitable if the profit per unit is less than
$5. Explain how simulation can be used to estimate the probability the profit per unit will be less than $5.
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What is an important challenge facing management of organizations today and how would you go about addressing it - Explain, analyze, and research a problem, and modify or create a solution to meet the indicated needs
It is very important to keep all personal records in a safe place where no one is able to get your personal information. The Federal Trade Commission provides consumer information about identity theft.
Data has been provided for you to generate a payment for each of the two products to help determine which product is feasible for you to purchase for school purposes. Click here to access the data.
How did Enlightenment writers define what made power and authority legitimate? As you develop your arguments, consider: Who could exercise power and who might be excluded from it? What might constitute an abuse of power or a viable challenge to it? W..
What is the break-even point in dollars?
Compare and contrast the stationary forecasting model approach with that of a time series forecasting approach. Identify and explain key factors that are relevant in the selection of a specific approach.
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The rational model, the decision maker strives
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