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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?
Discusses an issue involving mortgage foreclosures in your state and write a summary
Explain the financial flexibility workforce. Financial flexibility can be accomplished by performance associated pay systems for illustration when production staff are paid
What are the major priorities associated with operations strategy? How has their relationship to each other changed over the years?
Why do you think Mary parker Follett's ideas tended to be popular with business people of her day but were ignored by management scholars? Why are her ideas appreciated more today?
1. What does the operations function contribute to the business? Answer: The answer must be that the operations function, whether it be to manufacture products or provide servi
Paul Gett is a well-known wealthy financial expert living in the city of Torris. Adam Wade, Gett's friend, tells Timothy Brown that he is Gett's agent for the purchase of rare coin
Access how technology and the changing demands of customers have impacted the movie business. Suggest a strategy for Netflix's to prevent a new entrant into the marketplace and dem
The importance of Supply Chain Management cannot be underestimated because it ensures that the right materials are at the right place at the right time at a minimal cost and maximu
A chemical firm produces sodium bisulfate in 100-pound bags. Demand for this product is 30 tons per day. The capacity for producing the product is 50 tons per day. Setup costs $100
Please give a detailed explanation on the following scenario: You are a swap dealer and know that XYZ County finance director is clueless about how to conduct interest rate risk ma
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