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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?
Critical thinking questions: what unique challenges do research and development labs provide for KM implementation? What is the benefit of MITRE's evolutionary approach to KM?
Which of the following is an advantage of using spread spectrum signalling over narrowband signalling? a. Spread spectrum is easier to install b. Spread spectrum is more secu
Of the barriers to supplier development mentioned in this chapter, which ones, in your opinion, are the most difficult to overcome? 2. Describe the major sources of supply base ris
Discuss the advantages of using work sampling to understand how employees allocate their time among work activities.
Details what can we learned about business, ethics, and society.
Game theory is important for the understanding of __________. A. competitive markets B. oligopolies C. all market structures D. monopolies
Explain the concept involved in operations strategy
Measuring the impact of a capital acquisition on productivity is an example of multifactor productivity.
All of the following convetions are widely adopted project teams create the second level of the project Work Breakdown Structure (WBS) EXCEPT: A. The second level may be organized
Some companies choose not to tie resources to their projects. In what ways does this benefit a project? In what ways does this hinder a project?
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