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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?
Describe the behaviours of leaders modelling excellence. How do you assess excellence and how does that inspire you to perform at a higher level?
What are the disadvantages of using delegated sourcing strategies? Disadvantages of using delegated sourcing: a. Can be a complicated relationship to manage an outsourcer
Solve the following linear programming problem graphically by enumerating the corner points. MAX: 3X1 + 4X2 Subject to: X1 X2 4X1 + 6X2 X1, X2 > 0 First
What do you understand by “line balancing”? What happens if balance doesn’t exist?.
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When interviewing, why is it important to try to fill in the gaps in a candidate's employment history?
value chain analysis
Question 1: (a) Explain what you understand by supply chain management. (b) An important decision facing most purchasing managers is whether to source each individual produc
1 Eric Johnson makes billiard balls in his New England plant. With recent increases in his costs, he has a newfound interest in efficiency. Eric is interested in determining the pr
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