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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?
Which of the nine knowledge areas defined in the Project Management Body of Knowledge includes the activities of generating, collecting, distributing, storing, retrieving and dispo
After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did very well in the first four years. He was now looking for expansion of his busine
In each of the following situations, distinguish which statistical analysis you would conduct and which appropriate test or test statistic should be used. • Consumer preferences
Answer the following questions: 1) What is the difference between a task dependency and a task constraint? 2) Give a real-world situation when you might used the foll
eloberate manufacturing process technology with its types. project,jobshop,batch,assembly line,contineous..?
An HMO requests your hospital services for its obstetrics division. It offers to pay your hospital $2,000 for a vaginal delivery without complications (DRG 373). You look at the St
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In selecting a foreign market, a screening process is used by a firm. In regard to this process, answer the following: a) The importance of the priority order of the steps in t
What is the difference between rating and underwriting and how is it used? Identify and discuss any ethical issues that could arise in the underwriting process.
Analysis: categorize the five common characteristics of high quality information and rank them in order of importance to carnival cruise.
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