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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?
Recently some Operations Management experts have begun insisting that simple minimizing process velocity, which actually means minimizing the time that it takes to process somethin
A flower shop uses 800 clay pots a month. The pots are purchased at $2 each. Annual carrying costs are estimated at $0.60 per pot per year and ordering costs are $20 per order. The
Part 1: A company is using the Economic Order Quantity (EOQ) model to manage its inventories. Suppose its inventory holding cost per unit per year doubles while the annual demand a
A manufacture of women's designer gloves has employed a team of students to redesign her manufacturing unit. They gathered the following information. The manufacturing process cons
One day a teller of a bank was robbed. When the robber ran the teller ran after him. Well over taking the robber, the teller was shot in the leg. The teller was given an award for
I need to find the schedule and cost variances for a project Actual cost at month 16 = $540,000 Scheduled cost = $523,000 Earned value = $535,000 Provided this information,
Solve the following linear program using the decomposition principle: minimize z = ?2x1 ? 5x2 subject to x1 + 2x2 = 13.5 x1 + 3x2 = 18.0 x1 ? 9 x2 ? 5 x1, x2 ? 0. Let the first two
I have an assignment this week to read "Ramada Demonstrates its Personal Best" on the 'Companion Website.' Do I have access to questions/answers that go along with that?
A company is to make a decision on whether or not to purchase a machine to package its product and has asked you to review the information and provide them with answers to some que
Planning Tools or Techniques General Framework Discuss the Planning function in the context of the work of the manager. Illustrate with a case study. Individual Compone
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