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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?
After completing your program in the University, you would want to establish your own business. Relate your choice of business to any of the types of operation layout systems
Why are organizations changing from batch (large) shipments to just-in-time (JIT) shipments?
Explain Always Better Control analysis of inventory control. ABC Analysis of Inventory Control: ABC analysis is the extensively used approach for classifying the inventories
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In your opinion do you think Tort Reform will benefit the patients or the medical practitioners? How will this change effect medical institutions?
with the help of a diagram, describe the production process.
MKD Transportation owns and operates a fleet of container ships and tankers that transport goods around the globe. Company executives have just been contacted by the media with a c
analyze the decision tree in figure A.8 what is the expected payoff for the best alternative? first be sure to infer the missing probabilities
Discuss how globalization is affecting the political, legal, and economic forces impacting todays business environment?
DO different forecasting techniques (F1 and F2) were used to forecast demand for cases of bottled water. Actual demand and the two sets of forecasts are as follows: PREDICTED DEMAN
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