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The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $37,000. The variable cost for the product is uniformly distributed between $19 and $26 per unit. The product will sell for $57 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,300 units and a standard deviation of 200 units. Develop an Excel worksheet simulation for this problem. Use 500 simulation trials to answer the following questions:
What is the mean profit for the simulation? Round your answer to the nearest dollar.
Mean profit = $
What is the probability that the project will result in a loss? Recalculate the numerical value of probability in percent and then round your answer to the nearest whole number.
Probability of Loss = %
One of the biases that has been proposed by Kahneman and Tversky and researched a great deal is the Availability bias. What is the Availability bias? How could using objective data analysis like frequency distributions mitigate the effect of the Avai..
The Elixer Drug Company produces a drug from two ingredients. Each ingredient contains the same three antibiotics, in different proportions. One gram of ingredient 1 contributes 3 units, and 1 gram of ingredient 2 contributes 1 unit of antibiotic 1; ..
If we forecast $100,000 sales for July, we actually sold $200,000 in July, and we want an exponential smoothing forecasting function with the highest noise dampening among @=0.1, @=0.3, @=0.5; if you can, forecast August sales. If you cannot, stat..
Prepare a 4-6 page paper that describes the impact of globalization on U.S. businesses. In your analysis, please include information about the impact of at least four economic drivers that might impact globalization.
If you were trying to maximize employee retention, how might you go about recruitment or performance appraisal so that value, brand or retention equity is influenced positively?
Leaders must frequently address competing needs of work groups. Conflict can arise when groups vie for limited resources. Addressing the conflict is essential to leading.
These days, online retailers are a dime a dozen. But in a short period of time, Zappos has become a billion-dollar e-tailer. How did it hit the dot-com jackpot? By providing some of the best service available anywhere. Describe Zappos’ market offerin..
At a carnival, the carousel ride has a problem with keeping the mechanical horses working. Repair technicians can be hired at a rate of $30 per hour, while working as only one team. This means the technician will work alone. If two or more techs are ..
Who are the high and low performers in the industry? Why? What are the competitive dynamics between and within groups?
You would want to establish your own business. Relate your choice of business to any of the types of operation layout systems
the impact of e-commerce on the purchasing system identifying
A builder has located a piece of property that she would like to buy and eventually build on. The land is currently zoned for four homes per acre, but she is planning to request new zoning. What is the expected value for the rezoned shopping center? ..
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