Define what is the probability that you will make money, Operation Management

Assignment Help:

The owner of Firewood-2-Go is considering buying a hydraulic wood splitter which sells for $60000. He figures it will cost an additional $80 per cord to purchase and split wood with this machine, while he can sell each cord of split wood for $100.

Demand for cords of wood can be modeled by using a Normal Distribution with a Mean of 3070 units and a Standard Deviation of 70 units. What is the Probability that you will make money using this machine?


Related Discussions:- Define what is the probability that you will make money

Explain acceptability and vulnerability, Describe the four options highligh...

Describe the four options highlighted in the case in terms of their feasibility, acceptability and vulnerability.

Identify issues management wants to address, Identify issues management nee...

Identify issues management needs to address. Analyze and evaluate the issues identified and a set of actions management should take to address the issues identified.

Explain the different approaches to globalization strategies, 1) How does c...

1) How does corporate strategy differ from business strategy? Give me an example of each. 2) What are the "ups and downs" of a growth strategy? 3) Discuss the different appro

Financial executives helped by hr department, How might an HR department he...

How might an HR department help to develop financial executives who are ethical leaders and mentors?

Compute the degrees of freedom associated, In each of the following situati...

In each of the following situations, distinguish which statistical analysis you would conduct and which appropriate test or test statistic should be used. • Consumer preferences

Developing an layout, What is the difference in strategy in developing an i...

What is the difference in strategy in developing an initial layout for a new facility as comparedn to the strategy in improving the layout of an existing facility?

Explain inadequate parking, The Manchester United Soccer Tournament project...

The Manchester United Soccer Tournament project team (refer to the Manchester United Soccer club case study in chapter 4 of the text) has identified the following potential risks t

Explain what is the capacity of the line now, What is the capacity of the l...

What is the capacity of the line now? Again, assume the firm has hired a fifth worker, Assume further that tasks are allocated to maximize capacity of the line and that tasks ca

Brandon production is a tiny firm focused on the assembly, Brandon Producti...

Brandon Production is a small firm focused on the assembly and sale of custom computers. The firm is facing stiff competition from low-priced alternatives, and is looking at variou

Explain cellular production is often conducted in a u-shaped, Cellular prod...

Cellular production is often conducted in a U-shaped (horseshoe-shaped) cell, rather than the rectangular cells shown in Figure 2.7b. What might be the advantages of this U shape?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd