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A foundry receives an order for specialty castings. Cost of producing each casting is estimated to be $15,000. The customer requires that exactly 4 good castings be supplied. The customer will pay $20,000 for each good casting. If fewer than four good castings are available, none will be purchased. Each casting is produced independently and the probability of an individual casting being acceptable to the customer is .80. 1/ Develop the expected profit function to be maximized? 2/ Determine the production lot size that maximizes expected profit? 3/ Determine the lot size that will yield a probability of .90 of producing at least 4 good castings. What is the expected profit for the lot size obtained?
Your company terminated an employee for stealing a ladder. The employee filed a grievance with the union. The union argues that the employee had verbal permission from the temporar
Standardtime determination
Through television marketing how do consumers perceive different brands as being the best quality?
1) Discuss two factors that could affect what leadership style is most appropriate in a given situation. 2) Give an example of a manager who successfully or unsuccessful balanced c
Participation - Types of Managerial Tactic The participative manager initiates the planning and strategic imperative and involves group participation. Usually from carefully s
How can service level agreements be monitored? Construct a short service level agreement first, then discuss how this service level agreement can be monitored
Explain the term Total Quality Management (TQM). Total Quality Management (TQM): It is a system approach to quality in all spheres of the organisation. TQM implies meeting th
If you could locate your new software development company anywhere in the world, which place would you choose, and why?
The Following table contains data about the inventory for five items at Jones Corporation and the rate of sales for each of the five items in the upcoming year Item# Beginning U
Barbara Flynn is in charge of maintaining hospital supplies at General Hospital. During the past year, the mean lead time demand for bandage BX-5 was 60 (and was normally distribut
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