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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?
Can you put a monetary value on the social and the environmental benefits?
A firm that operates 300 days in a year and uses a level material usage approach has collected the following data: Annual Demand = 30,000; Daily Demand = 100; Daily production= 300
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Steffi Graf has assumed leadership of Ace Products after many years of loyal service. Ace Products is an international manufacturer of copiers, printers, and fax machines. Historic
What country is coffee originally from?
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Question: You are the Operations Manager at Alien University and one of your responsibilities is to manage the supplies of the University. One of your suppliers has given you
The following are monthly actual and forecast demand levels for May thur December for units of a products manufactured by the N. tamimi Pharmaceutical Company Month Actual deman
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