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Develop a worksheet simulation for the following problem. The management of Acme Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $30,000. The variable cost for the product is uniformly distributed between $16 and $24 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1200 units and a standard deviation of 300 units. Use 500 simulation trials to answer the following questions. (a) What is the mean profit for the simulation? (b) Create a histogram showing the profit distribution. (c) What is the probability the project will result in a loss? (d) What is the value at risk (at 5%)? (e) What is your recommendation concerning the introduction of the product?
What are some penalties for recommendations for violation of regullations in ethical business conduct?
How would operations strategy for a service industry be different if any from that for a manufacturing industry?
Albert and Tania produce and sell vanilla, chocolate, lemon, peppermint, and strawberry flavor extracts for baking. They are debating over a description of the potential customers for their product. Albert and Tania are trying to define:
Businesses across the globe are using data collection techniques and tools to amass war chests of information to leverage to create/maintain advantage. But, is this activity being deployed by companies like Google, Amazon, and thousands of others tru..
Following the Activity On Node system conduct a grocery store run. Use circles with numbers and list what each step is. Add times, total process time, and identify the bottleneck.
Explain to this young entrepreneur how his business might benefit from economies of scale. Explain also some conditions that might lead to diseconomies of scale
Should an interviewer ask you to “tell me something about yourself?” What is it they are trying to find out? Are they just being friendly? How should you go about answering this question in an interview? Is it okay to talk about anything or are there..
What are the most important components to how Zara approaches information technology? Are these appropriate to doing business?
Discuss the reasons why suppliers are sometimes reluctant to share cost information with buyers, particularly during the early stage of a buyer-seller relationship.
If setup times are reduced, the ideal batch size will automatically be achieved at all work centers. Standard task times must be developed under the Kanban system.
What is meant by the term national interest, and what are the dangers of using national interest as a rationale for nation-state behavior?
Group Health Cooperative’s Patient-Centered Medical Home Group Health Cooperative is a nonprofit, consumer-governed health-care system that provides healthcare and health insurance coverage to residents of Idaho and Washington. Why would it make sens..
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