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The Hit-and-Miss Manufacturing Company produces items that have a probability p of being defective. These items are produced in lots of 150. Past experience indicates that p for an entire lot is either 0.05 or 0.25. Furthermore, in 80 percent of the lots produced, p equals 0.05 (so p equals 0.25 in 20 percent of the lots). These items are then used in an assembly, and ultimately their quality is determined before the final assembly leaves the plant. Initially the company can either screen each item in a lot at a cost of $10 per item and replace defective items or use the items directly without screening. If the latter action is chosen, the cost of rework is ultimately $100 per defective item. Because screening requires scheduling of inspectors and equipment, the decision to screen or not screen must be made 2 days before the screening is to take place. However, one item can be taken from the lot and sent to a laboratory for inspection, and its quality (defective or nondefective) can be reported before the screen/no screen decision must be made. The cost of this initial inspection is $125.
a) Develop a decision analysis formulation of this problem by identifying the alternative actions, the states of nature, and the payoff table if the single item is not inspected in advance.
ABC Company, a manufacturer of roofing supplies, has developed monthly forecasts for roofing tiles. The forecasted demand and the expected production days for months March to August in 2013.
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A small rural county has experienced unprecedented growth over the past 6 years, and as a result, the local school district built the new 500-student North Park Elementary School.
When you have all this done, upload your Excel workbook as your response to this question.
1. define price and discuss the two roles price plays in the evaluation of product alternatives.2. list the three
Describe the target market in the United States, including customer demographics and income levels. Describe the competition the product would face in the United States and how you would create a competitive advantage. Name at least two competitors..
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