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An urn contains nine white balls and 11 black balls. A ball is drawn and replaced. If the ball is white your opponent pays you 25 cents. If it is black you pay him 25 cents. You have one dollar and your opponent has 50 cents. Play continues until one of you is broke. What is the probability that you lose all your money? What is the expected number of times that you play prior to the game ending? What is the answer to these two questions if both you and your opponent started with 75 cents? 2. The manager of the Hippon Drug Store is remodeling his facility and is considering three ways of organizing his branded-items business. The first way is to employ a fast clerk to wait on all customers. Assume such a clerk serves customers exponentially at an average rate of two minutes per customer. The second way is to employ two moderately fast clerks to wait on all customers. Assume each serves customers exponentially at an average rate of four minutes per customer. The third way is to use a self-service system in which each customer waits on himself. Self-service, at an average rate of six minutes, is slower than clerk service. The manager wants to calculate the average number of customers in the store, the average time each spends in the store, and the average time each spends waiting for service, under each way of organizing. Assume that customers arrive completely randomly, one at a time, at the rate of 15 per hour. Calculate the operating characteristics of interest to the manager.
It is generally not appropriate to apply control charts to the same data that were used to derive the mean and limits. Why? What are the two possible outcomes if this is done, how
Explain tech theme for smartphones. Give some examples
1. A jewelry firm buys semiprecious stones to make bracelets and rings. The supplier charges $20 per stone, annual carrying costs are 50%, and the cost of processing orders is $40.
The key points in Chapter 12 (Chapter 13) tell us that good inventory management is important for successful organizations. The key issues are when to order and how much to order.
There are five elements of organizational design and structure that are used to manage an organization, Division of Labour, Span of Control, Unity of Command, Authority/Responsibil
Assume that you have $165,00 invested in stock that is returning 11.50%,$85,000 invested in a stock is returning 22.75% and $235,000 invested in a stock that is returning 10.25%. W
Question: (a) (i) What are the assumptions to be respected while deriving the Economic Order Quantity formula. (ii) Describe the several components of inventory holding c
What is operations strategy? Operations strategy: According to Slack and Lewis the definition operations strategy: The total pattern of decisions that shape the long
Benefits and Variable Pay Please respond to the following- • Analyze the types of benefits usually available in the health care industry and determine which benefits are most im
The committee is asking you, as a labour relations specialist in the HR department, whether this wording is likely to be acceptable
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