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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?
Fred Flowers works for Alabama Electric and is a resident of the State of Florida. Following a series of storms in the Northeast, Alabama Electric sent Fred to Virginia as part of
Consider a queuing system with 2 types of customers. Type 1 customers arrive according to a Poisson process with a mean rate of 5 per hour. Type 2 customers arrive according to a P
Many firms try to market the same product as is in many different markets. The product is essentially the same, the only differences may be in packaging and messaging. What are
A freshman college student, who owns a car, plans to buy a motorcycle. The student expects to save an increasing amount of money on travel every year he is in college, as he will m
What is project management?
Problem 4: Comp-Max Computers assembles computers and computer equipment. It is about to start production of three new types of computers, called model A, B, and C, respectively. E
1. What are some of the major differences between the job performed by engineers and the job performed by engineer managers?
Explain the topic of joint versus separate preference reversal.
To what extent are these decisions subject to risk and uncertainty?
What is the role of an organizational leader ans what significant impact should they have on a Organization in the past, present and future of a company?
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