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Offwego Airlines has a daily flight from Chicago to Las Vegas. On average, 18 ticket holderscancel their reservations at the last minute, so the company intentionally overbooks the flight.Cancellations can be described by a normal distribution with a mean of 18 passengers and astandard deviation of 4 passengers. Profit per passenger is $99. If a passenger arrives butcannot board due to overbooking, the company provides compensation of $200 in cash.
a. What is the cost of stocking out (i.e., not having enough seats)?
b. What is the cost of an unsold seat?
c. How many tickets should be overbooked to maximize expected profit?
A machine can operate for an average of 11 weeks before it needs to be overhauled, a process which takes 4 days. The machine is operated 5 days a week. Compute the availability of this machine. (Round your answer to 3 decimal places)
Consider yourself the manager of a nonunion steel mill that must operate 24-hour days, and where the physical demands are such that 8-hour days are preferable to 10- or 12-hour days. Perform an ethical analysis using the concepts presented in the Wee..
The apparent option of not using a model (for diagnosis) is not a real option; the choice is whether we use one that is explicit or one that is implicit. Would the image of change chosen affect the diagnostic model used? Explain why and how, or why n..
The base rate of managerial incompetence is estimated to be 50 to 75%. This means that a majority of people in positions of authority have difficulties getting a group of people to work effectively together or get results.
Harley Davidson has excess capacity of 5,000 hours of use of machinery. Which motorcycle should it produce?
Working with organizations to improve the interactions of members and increase productivity through collaborative behavior is an essential role of the organization development human resources specialist.
This plan should be completely integrated and presented in a logical order. It should be written professionally and should be mistake-free in terms of spelling and grammar. The final project plan should incorporate any changes that occurred along ..
Why is the Supremacy and Commerce Clause important to the study of the Legal Environment of Business in today's business world?
If the labourer productivity at the plant is 0.15 hot water heaters per labour hour, how many laburers are employed at the plant?
The line contributes about $500 per hour to the firm's profit and overhead. What is the probability that the new machine project will meet the firm's NPV hurdle?
Of the potential strategies available to Regal Marine, have they chosen differentiation, cost leadership, or quick response? Do you think that is a good choice for a boat manufacturer? Why or why not? Given that Regal Marine has specifically chosen a..
Your manager hands you a list detailing the process capability index, Cp, for machines A, B, and C. These values are 1.78, 0.97, and 0.53 respectively. Of these machines, which if any, are producing products within allowable specifications?
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