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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?
Layout Planning - Facility Layout Layout planning occurs at three levels of detail: 1. Layout of departments on the site For a public house, as an exampl
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Poll a small sample of class members, work associates, or friends and ask them to answer the following in a paragraph or two: "What are your career aspirations for the next five
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The OM module is assessed by an individual written report that deals with the application of one or more aspects of the theory taught on the course in the context of an organisatio
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