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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?
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Name three factors that a router must consider when determining the best path for data between two points on a network?
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What is the most important factor to keep in mind when considering a facility for your logistical operations?
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Explain to a new project manager how you ensure that all steps in project completion have been finalized
It has been observed that the average number of traffic accidents requiring medical assistance in Santa Clara between 7 and 8 AM on Wednesday mornings is 1. What, then, is the chan
Effective human resources professionals have a solid understanding of the changing nature of work and the workplace. Compare and contrast the evolution of work and the workplace ov
Are the following objective functions for an LP model equivalent? That is, if they are both used, one at a time, to solve a problem with exactly the same constraints, will the opti
Explain Performance Appraisal. It is a systematic and impartial assessment of an employee's performance on the assigned job, along with a view to discovering how well or worse
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