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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?
Describe the categories of problems that have been found to be approached by Six Sigma methodology Type your question here
Case Study 5-2: The Interfering Administrative Assistant Decision-Making Scenario 1. Relying on the concepts presented in chapters 10 and 11, identify the theories and concepts of
Bill of Materials are kept current with changes using: a) Inventory Tracking Systems b) Engineering Change Order Systems c) Master Scheduling Systems d) Capacity Planni
Go to www.diversityinc.com and search for "Things Never to Say to Women Executives". List three examples and provide a one page explanation regarding how these statements undermine
1. Employers justify pay differentials on: a. seniority systems b. production based pay systems c. merit pay systems. D all the above 2. A successful private plainti
Comparison between method and work measurement: Method study is the principle technique for reducing the work involved primarily by eliminating unnecessary movement
You have a novel product idea and a working prototype for floating fishing pliers. You use an extrusion process to manufacture the pliers, and your family assembles them out of you
A production process consists of a three-step operation. The scrap rate is 19 percent for the first step and 10 percent for the other two steps. a. If the desired daily output
HOW TO LINE BALANCING
Task 1 Read: Chapter 7 of the core learning material and supporting text chapters on Performance Measurement. Task 2 Investigate: Either investigate the performance measurement
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