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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?
Explain advantages of Division of Labour. As the same worker does similar work repeatedly:- (i) It gains proficiency and skill on the job and becomes a professional. (ii
1. Can you devise strategies for the two viewpoints in a firm to live together harmoniously? 2. How can both the sales manager and credit manager learn to appreciate each other'
Connected Flow and Disconnected Flow System Such systems deliver very low unit costs, they are vulnerable; because of the absence of work-in-progress buffers, if one process f
The production manager at company XYZ needs to prepare forecasts of product demand in order to plan for appropriate production quantities. In the past, demand for the product has b
Lowest Cost Entry method s( LCEM) or Matrix Minima Method: Step1: Determine the smallest cost in the cost matrix of the transportation table. Let it be ( C ij ). Allocate
Explain how a company might benefit from the Contract Management Maturity Model. Can you suggest any viable reasons for a company's choosing not to conduct this assessment? If so,
The SDLC contains seven phases, which phase transforms the design into an actual system
briefly explain vendor relations in lean systems- a. Why are they important? b. how are they different from adversarial relations of the past? c. why are suppliers hesitan
What do you see as the main organizational problems that are likely to be associated with implementation of a transnational strategy? Explain
The cafeteria supervisor at CarWash is interested in developing a forecast model for the number of meals to be prepared each day. The following daily data from the cafeteria’s regi
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