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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?
What triggered the new product strategy at Minnesota Biolabs? 2. What prediction would you make for the success of getting the country general managers in Europe and Japan to adopt
You work for a computer parts and software distributor. Your co-worker and friend is starting up a second business installing and servicing personal computers. She asks you not to
During a negotiation, the union proposes a 25 cent per hour wage increase across the board. Management says it cannot afford that. Management has just: A. Reached an impasse B. Est
LIST THE METHODS AND TECHNIQUE OF FORECASTING
Industrial Society - Operations Function In the industrial society, estimated during the period of growth of industrialisation roughly 1820-1920, machines and the production o
A manufacturing firm is considering two locations for a plant to produce a new product. The two locations have fixed and variable costs as follows: Site Fixed Cost (Annual) Variabl
Describe how to negotiate for more compensation. Explain why one must be assertive to earn what he or she deserves. Relate four things not to do when asking for a raise. How much c
1. Capacity is the maximum rate of output of a process. 2. Capacity decisions should be made separate from strategic decisions. 3. Capacity can be expressed by output or inpu
Which of the nine knowledge areas defined in the Project Management Body of Knowledge includes the activities of generating, collecting, distributing, storing, retrieving and dispo
Suppose a partnership is set up and operated without a formal partnership agreement. What problems might arise?
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