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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?
Why are standards important in many industries? As standards get adapted and become dominant, how does this process influence the competitive nature of the industry? When Walmar
identify the evolution of the operation management?
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A major competitive dimension that forms a company's strategic operational competitive position in their strategic planning is which of the following? Cost or price Focus Automatio
Conduct a search of websites that provide Internet presentations. Select one and critique its content, visuals, and the presenter's skills. Make sure to include the URL in your Dis
Susan Gilbert, a purchasing agent for Wisconsin Plastic Inc (WSI) is reviewing quotations from suppliers for a new plastic gear. Susan plans to either place an order for 12000 year
A bond has a coupon rate of 15%, a yield to maturity of 10.55%, and a market price of $850. Therefore, the annual interest payment is: a.) $850 b.) $150 c.) $105.50. d.) $120.0
How can marketers use the VALS information to serve consumers better? Name five types of products or services for which the VALS information would be particularly useful. Explain.
Until the start of the 1980s, most U.S. companies focused on maintaining quality levels by utilizing which of the following practices? Process-improvement efforts Design-qual
A small building contractor has recently experienced two successive years in which work opportunities exceeded the firm's capacity. The contractor must now make a decision on capac
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