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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.
Compare a Utilitarian and a Libertarian view on the importance and enforcement of consumer rights (to choose, to safety, to be informed, to be heard, to redress and to privacy).
Assume you are the responsible senior executive of a hospital in a city with a population of 30,000 people, located about 50 miles away from a large city. What would be the danger
Why is it important to continuously update the implementation and communication of a strategic plan? Who should be responsible for updating and communicating a strategic plan? Why?
List and briefly discuss the five main parts of the operations planning control (OPC) system
Assume XYZ stocks last dividend was $3. The dividend growth rate is expected to be constant at 5% for 3 years, after which dividends are expected to grow at a rate of 6% forever. X
What are some of the factors that cause organizations to redesign their products or services?
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
Use the Internet to research the case of Matias Reyes, the "iceman who confessed" to the brutal rape of the "Central Park jogger" in 1989. Step 2: Post your responses to the follow
Meile Machine Shop, Inc., has a 1-year contract for the production of 225,000 gear housings for a new off-road vehicle. Owner Larry Meile hopes the contract will be extended and th
monthly production time for tep.
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