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Consider a cruise liner provisioning a certain consumable item for her next trip. In the first stage, the cruise liner procures from the home port region right before the start of the trip. The unit cost for the item at home port is c1. The trip duration is T days. From the provisioning stand point, the trip is completed in two legs. At the end of the first leg, which takes t1 days, the cruise liner arrives at her port-of-call (midpoint). This is when she has a chance to replenish her inventory for this item. The unit cost at this location is c2, where c2 > c1. In the second leg, which takes t2 days, the liner goes back to the home port to complete her voyage. Clearly, T = t1 + t2. The daily demand for this item during the cruise follows a normal distribution with a mean of µ and a standard deviation of σ. The demand across days are assumed to be independent. Stock-out cost for the liner is p per unit. Any excess inventory at the end of the trip costs h per unit for landing and salvaging. Let y1 and y2 denote the replenishment amounts at home port and port-of-call respectively. Compute the optimal replenishment policy that minimizes the cruise liner’s expected cost.
A product is comprised of two components both of which must operate for the system to be functional. The failure probability of each component is 0.15 each. What is the system reliability closest to? A system is composed of two parts; both must opera..
What are some situations in which management or the union would prefer centralized bargaining? In what situation might both prefer centralized bargaining? Discussion should take into account specific legal considerations affecting centralized bargain..
What concept of marketing management do you feel will be most challenging as a business Christian business leader? Why?
The United States has a variety of regulations to address the economic harm resulting from monopoly power in an industry. This includes the Sherman Act of 1890, the Clayton Act of 1914, and the Federal Trade Commission Act of 1914. Explain how they a..
With the aid of a mortgage from his bank, Alfred purchased a building containing five apartments. All of the apartments are rented to tenants. Briefly explain why: The bank may have a financial loss if Alfred’s building is destroyed by fire. The tena..
What would a project manager focus on when doing risk management in an agile environment that they would not likely focus on in a traditional project management environment?
In the chapter opener we get a glimpse of how a major corporation can make a significant contribution to disaster relief by assisting in a humanitarian supply chain. Disasters often occur with little warning humanitarian aid needs to get to the affec..
Why is there waiting in an infinite-source queuing system?
In certain jobs, there is no possibility to go beyond the current responsibilities. Or the organization is so small, and turnover is expected. What types of jobs would this include? With these folks, how could they be motivated so that productivit..
Supermodel Kate Moss appeared in photos in a number of tabloid magazines and elsewhere using illegal drugs. Subsequent to the appearance of the photographs, several of her clients, including Chanel, H&M, and Burberry, cancelled their contracts (some ..
A distributor of the hand drills places an order for 15 units. What is the appropriate shipping date for the entire order?
in the previous two presidential elections in the united states very long wait times have been witnessed at precincts
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