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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?
Select an organization. Who are the stakeholders of your selected organization? How would the stakeholders be affected by the failure of the organization to keep up with new techno
Some tasks and the order in which they must be performed according to their assembly requirements are shown in the following table. These re to be combined into workstations to cre
examine the merits and demerits of ethical relativism
Compare a Utilitarian and a Libertarian view on the importance and enforcement of consumer rights (to choose, to safety, to be informed, to be heard, to redress and to privacy).
Undertake Systems based analysis, including: i. Developing a systems based diagnosis of the ‘situation'; ii. Analyse one or more processes which are considered to be problem
what are the benefits of effective operations management. Discuss.
Superior Products Inc. is considering two potential equipment alternatives for production of their best selling product line. Option 1 involves proven equipment: Fixed cost investm
AskIntroduction The present taxation law case deals with the Individual named James Cookie (‘James’) who is a ships officer and employed by the corporation Sails International Inc
What do you understand by “line balancing”? What happens if balance doesn’t exist?
Assess the significance of the brainstorming suggestions and determine how you might use this information to improve the chances of the project's success
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