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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?
Identify how the changes in the internal envirobnebt affect the Operational Management strategy for a company. For example, what impact are the following factors likely to have on
Go to skillsoft.com, the website for Skill soft, a company that specializes in providing e-learning solutions. Move the cursor over Info Center, then over Demos. Click on Business
1. As management theory has evolved, contemporary theorists emphasize two approaches: the "systems approach," and the "contingency approach." Explain each. 2. Regarding ethics a
Process Design, Process Planning and Line Balancing of Product Process design entails process planning, facility layout and job design. Process planning entails selec
Using the data, suppose the manufacturer has an inflated demand forecast as follows: Quantity Probability 2,200 5% 2,300 6% 2,400 10% 2,500 17% 2,600 30% 2,700
If you decide to use debt financing, which kind of loan, fixed-rate or variable-rate, would you prefer? Why? If you decide to use equity financing, where would you find equity f
A location analysis for Temponi Controls, a small manufacturer of parts for high-technology cable systems, has been narrowed down to 4 locations. Temponi will need to train assembl
An electrical contractor's records during the last five weeks indicate the number of job requests Week: 1 = 22 requests 2= 24 requests 3= 20 requests 4= 23 requests 5= 24 requests
a. Do you think lean relates to an organization being agile? b. Would implementing lean into an organization lead to a competitive advantage? if yes, explain, how and what types
Describe the framework of the general model of planned change. Include a discussion of each activity and a typical sequence of events.
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