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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?
Should the plant manager come from inside the current managerial ranks or be sought from outside?
Wendys opens a drive through with one cashier and one food preparer. Customers will first enter the "place order" line to meet the cashier and then enter the "pick up" line to get
1.What would the average inventory be for this lot size? (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole number.) 2. Determine th
1) If an operation uses a pull system and lean manufacturing techniques do they need to use forecasts? How about production schedules and shop floor control systems? Explain why/wh
In what way does a person's value system impact the development of organizational policies? Please limit your answer in just in four paragraphs.
How would you go about developing a risk matrix? Give an example of the kinds of factors that should be evaluated.
Customer Needs - Business Strategy A key aspect of developing business strategy is the determination of customer needs and wants in the markets to be targeted. There are many
You must ponder on an organizations responsibility to its workers whose skills have become obsolete. Considering the rapid pace of technological change, workers jobs will (and must
the globalization and geographic dispersion of operations
Ergonomics Inc. sells ergonomically designed office chairs. The company has the following information: Average demand = 54 units per day Average lead time = 30 days Item u
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