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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?
Checkout time at a supermarket is monitored using a range and mean chart. Six samples which contain 20 observations per sample have been collected and the sample means and sample r
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A. How does your organization determine customer requirements? ?B. How are your organization''s core competencies tied to its strategic goals?? C. What are the strengths and weakne
Write a one/two-¬page discussion of training program development costs discussing how companies may find ways to make training programs more cost effective.
The company is considering a capital expenditure of $480,000. It has an estimated life of 4 years and no salvage value. The estimated net income and new cash flow from the project
1 To ensure that its supply chain can handle a surge in demand, MitiTech should: a. hire additional manufacturing employees b. modify its design to speed up production time
Mountain States Electric Service is an electrical utility company serving several states in the Rocky Mountains region. It is considering replacing some of its equipment at a gener
1. Americans doing business in China. 2. What are the pros and cons of doing business in China? 3. What kind of strategy do the Chinese use? 4. Rules for doing bunnies in China. 5.
It is generally not appropriate to apply control charts to the same data that were used to derive the mean and limits. Why? What are the two possible outcomes if this is done, how
Dave noticed that at the place where he gets his haircut, Hair Town, there is an employee who sweeps up hair every 15 minutes. By doing this, the management at Hair Town is trying
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