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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?
Medical Solutions, Inc. has the following claims it must complete in the next week (40 hours). The jobs are as follows: Claim Type Number of Claims to Process Setup (Changeover) Ti
What effect does your organisation's facility layout have on the following (where appropriate): inter-process movement; health & safety; congestion; resource utilisation; work-in-p
An assembly line with 30 activities is to be balanced. The total amount of time to complete all 30 activities is 42 minutes. The longest activity takes 2.4 minutes and the shortest
In 2007, the Cartoon Network was fined for public disruption of the Bostonian transportation system while using a new form of public relations called: Answer > Guerilla advertising
Affirmative action refers to a policy or a program that tries to respond to instances of past discrimination by implementing proactive measures to ensure equal opportunity today. I
The bullwhip effect is often blame for the boom-and-bust cycles in our national economy. Which of the remedies for eliminating this effect in a supply chain might also benefit the
Describe the elements of an organization's external environment. Why is it important to understand the external environment?
Project involves 12 activities and the precedence relationship is provided below in brackets. (1) Draw an activity on arrow network to represent the project tasks and their depende
Outline performance criteria that is important in creating a layout . Identify the types of layout performance criteria that might be most important in the following settings. a -
Why is managing bottlenecks so important in work-center scheduling?
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