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A certain commodity faces normally-distributed demand with a mean of 18 and variance of 25. The ratio of its underage cost to its overage cost is 0.25. What is the optimal quantity to stock so as to minimize costs?
Formulate a linear programming model that can be used to determine the percentage that should be allocated to each investment idea.
Superior Products Inc. is considering two potential equipment alternatives for production of their best selling product line. Option 1 involves proven equipment: Fixed cost investment of $800,000 Variable cost of $45/unit.
Have you ever started a new job and discovered that the new environment differed greatly from that of your previous workplace?
Draw a decision tree. Then analyze it to determine the expected payoff for each decision and event node. Which alternative (purchasing the IT system, hiring engineers) has the better expected payoff?
A manufacturing process consists of three sequential operations. At maximum capacity operation A can output 125 units per hour, Operation B can output 120 units per hour, and Operation C can output 130 units per hour.
You purchase key chains with your company logo to give to customers. You purchase 10,000 a year. You estimate the cost to hold at 30% of the purchase cost and the cost to place an order at $25 per order.
Discuss how a lean approach could be utilised in the production system to potentially reduce the failings discussed in point three.
Briefly compare and contrast the manufacturing and service processes using queuing and assembly lines as your items to compare and contrast.
For the second constraint, you would shade towards the origin, for the third constraint, you would shade toward the origin.
What is the difference between research questions and hypotheses? Additionally, what is the benefit of using different types of hypotheses within research? Can you write a few different types of hypotheses in the property management industry?
Determine the optimal solution from the output from QM for Windows.
Consider prices of $6, $6, $8. Which price alternative will maximize total revenue? What ae the values for demand and revenue at this price?
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