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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?
Why should one study operations management?
I am listing three different category's I need cited and referenced: 1). Alternative Medicine,2). Human Service Models. 3). Comparing the Various Models and Treatment of Mental Ill
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In the field of human services, there are very important ethical codes that should be followed as outlined by the National Association of Social Workers. After viewing the short vi
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Task 1 Read: Chapter 2 of the Core learning material and supporting text chapters on Operations Strategy. Task 2 Investigate: The Operations Strategy of your organisation or on
One of the most important issues discussed in the collective bargaining process is seniority. It is one of those components of the workplace that seems to impact every worker, whet
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