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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 $36,000. The variable cost for the product is uniformly distributed between $20 and $28 per unit. The product will sell for $56 per unit. Demand for the product is best described by a normal probability distribution with a mean of 1,200 units and a standard deviation of 100 units. Develop an Excel worksheet simulation for this problem. Use 500 simulation trials to answer the following questions:
a. What is the mean profit for the simulation? Round your answer to the nearest dollar.
Mean profit = $ _____________
b. 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 ______________= %
Make a recommendation on how a U.S. company that has fallen victim to this Chinese practice should respond so as to protect its intellectual property.
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Suppose the manager decides to increase the run size of the new product. How many additional units would be needed to just accommodate the other job? How much will that increase the total annual cost?
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Intensity of rivalry tend to increase when
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Weekly demand for tennis balls at The Raquet Club is normally distributed , with a mean of 35 cases and a standard deviation of 5 cases
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