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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?
In a group environment, should leaders be assigned at the beginning of a project or should leaders emerge as the group is working on the project? Outline the positives and negative
Productivity -Numerically Defined Total factor productivity (TFP) = Pt = Ot/(L+C+R+Q) Partial factor productivity (PFP) = Ot/L or C or Ot/a combination of inputs Pt
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What are the disadvantages of using delegated sourcing strategies? Disadvantages of using delegated sourcing: a. Can be a complicated relationship to manage an outsourcer
What are centripetal and centrifugal forces?
Construct the dual of the problem minimize Z=3(x1) - 2(x2) + 4(x3), subject to the constraints 3(x1) + 5(x2) + 4(x3) >= 7, 6(x1) + (x2) + 3(x3) >= 4, 7(x1) - 2(x2) - (x
A research team conducted a study of soft- drink preferences among residents in a test market prior to an advertising campaign for a new cola product. Of the participants, 130 are
what is characterstics of operation research
An innovative restaurateur owns and operates a dozen "Ultimate Low-Carb" restaurants in northern Arkansas. His signature item is a cheese-encrusted beef medallion wrapped in lettuc
Discuss the various views of ethics (e.g. justice view, moral rights, etc.) and why they are important in business.
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