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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?
Please explain your answer- Johnson's rule gives the optimal answer for which of the following type of problems? A) Minimize make span in a two machine flow shop B) Minimi
techniques & applicationa
What is the historical evolution of operations management?
Doug enters Jane%u2019s residence through an unlocked window that he lifts open at midnight, intending to steal her first edition copy of Sense & Sensibility, which he knows was re
Happy Ten Produces sports socks. The company has fixed expenses of $80,000 and variable expenses of $0.80 per package. Each package sells for $1.60. 1. Compute the contribution mar
What is Strategic Human Resources Management and how does it link the people with the strategic needs of the business?
Page maximum required for this question. This is testing your business perspective of a typical IE problem. Given that you have a starting standard time for a job of ninety (90) mi
Memo Motion and Micro Motion Recording Originally based on cine-photography, nowadays video-recording technology is used to record patterns of movement in process activities.
On September 1, Jennings, a used-car dealer, wrote a letter to Wheeler in which he stated, "I have a 1955 Thunderbird convertible in mint condition that I will sell you for $13,500
A manager states that his process is really working well. Out of 1,500 parts, 1,477 were produced free of a particular defect and passed inspection. Based upon Six-Sigma theory, ho
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