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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?
Since May of 2005, the purchase manager at a department store has been using a 4-period moving average to forecast sales in upcoming months. Sales data for the months of January th
Stakeholder analysis is important in risk assessments for most activities is not important in risk assessments for most activities is usually undertaken at the end of the planning
what is operations process design
What are the pros and cons of bureaucratic controls such as rules, procedures, and supervision? Should all organizations use bureaucratic controls? Why or Why Not?
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
Define Trade Unions Act 1926. Trade Unions Act 1926 provides that any seven workers may form a union.
How would you use Six Sigma in your work environment?
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Multinational enterprises (MNEs) have an impact far beyond their firm boundaries. Assume you are working for a small firm that supplies a product or service to an MNE. How might yo
Mike is preparting the x-bar chart and the R chart for Uncle Ben's 2lb. box rice packaging line. Using the standard sample size of 9 items. Mike found the average range is .02 l
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