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Annual demand for number 2 pencils at the campus store is normally distributed with mean 1,000 and standard deviation 250. The store purchases the pencils for 6 cents each and sells them for 20 cents each. There is a two-month lead time from the initiation to the receipt of an order. The store accountant estimates that the cost in employee time for performing the necessary paperwork to initiate and receive an order is $20, and recommends a 22% annual interest rate for determining holding cost. The cost of a stockout is the cost of lost profit plus an additional 20 cents per pencil, which represents the cost of loss of goodwill. a. Find the optimal values of Q and R. b. Substitute a Type 1 service level criterion of 95% for the stock-out cost. Find the values of Q and R. c. Substitute a Type 2 service level criterion of 98% for the stock-out cost. Assume that Q is given by the EOQ. Find the values of Q and R.
Cunningham Performance Auto, Inc., modifies 375 autos per year. The manager, Peter Cunningham, is interested in obtaining a measure of overall performance. He has asked you to prov
1. Construct and inerpret a control chart for the packing slip data. 2. Construct a Pareto analysis of the errors. 3. What information might a separate char
Ski Boards, INC., wants to enter the market quickly with a new finish on its ski boards. It has three choices: (a) refurbish the old equipment at a cost of $800, (b) make major mod
Question 1: Describe how ERP systems can achieve business integration Analysis of conventional company information systems with respect to ERP packages examples con
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Using the data in Table 13-4, determine the latest time activity A can be finished and not delay any activity? Table 13-4 The following represents a project with known activity tim
Your final project entails systematic extraction of decision-aiding insights out of a dataset provided to you in the Doc Sharing area. This project will provide you with hands-on e
Checkout time at a supermarket is monitored using a range and mean chart. Six samples which contain 20 observations per sample have been collected and the sample means and sample r
After working for 30 years, Ramjee Somjee Dutt opted for VRS and started a courier company and did
Q3. Solve the following Linear Programming Problem using Simple method. Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 4 X1+ X2 2 X1, X2 0
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