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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?
You have been working for some time at Unique Shoes, a local shoe store that specializes in unusual shoe designs and custom fitting. Currently, customers come to the store to selec
Create a fictional company and develop a memo to communicate the importance of a business continuity plan to the board of directors. The completed assignment should be at least 25
Q: What is operations management? A: Operations management is the planning, organising and control of systems which produce goods and services. It is one of the most important
You are the assistant to the CEO of a small textile firm that manufactures high-quality, premium priced, stylish clothing. The CEO has decided to see what the opportunities are for
1. What factors have limited the ability of local law enforcement agencies to respond to the growing threat of computer crime? Answer A. lack of training B. lack of diagnostic equi
A firm that produces wood shutters and bookcases has received two orders for shutters: one for 100 shutters and one for 150 shutters. The 100-unit order is due at the start of week
Investor G. Loeb owns a 5-year, $1000 bond with a 5% coupon. If the yield to maturity on similar bonds is currently 10%, what is Mr. Loeb's bond worth today? A security analyst
Disney entered Europe with several incorrect assumptions and poor research. Identify the problems that arose and how Disney should adjust for the immediate situation and what shoul
Range - Statistical Aspects of Variability The range is simply the difference between the highest and lowest measurements recorded. Let us say that, in this case, the highest
Briefly discuss benchmarking as process improvement tool. Explain six types of benchmarking and give four reasons why some businesses have failed to derive maximum benefit from it.
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