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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?
1. What are an operations manager's responsibilities? Answer: They design the operation; they plan and control activities by: 1. Developing an operations strategy 2. Un
Explain the similarities and differences of Medicare and Medicaid managed care plans by comparing and contrasting the following three issues: Strengths, weaknesses and incentives b
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In the table given below the Distribution Manager is expected to service these DCs as per the demands placed. If the actual sales after completing week one is as follows, what woul
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