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During the day, the traffic on North Monroe Street in Quincy is fairly steady, but the traffic conditions can vary considerably from one hour to the next due to slow drivers and traffic accidents. As one driver said, "The traffic conditions on Monroe can be either fair, tolerable, or miserable." If the traffic conditions are fair in one hour, there is a 20% chance that they will be tolerable in the next hour and a 10% chance that they will be miserable. If the traffic conditions are tolerable, there is a 20% chance that they will be fair in the next hour and a 5% chance that they will be miserable. In addition, if the traffic conditions are miserable, there is a 60% chance that they will remain that way and a 30% chance that they will be fair in the next hour. In the long run, what percent of the time will traffic conditions be fair, tolerable, and miserable on Monroe Street?
Illustrate what is meant by moment of truth in service design. Explain why is it so important for businesses to understand this concept.
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What can the Pres do now to make the improvement initiative more successful?
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Distinguish between a minimization and maximization LP model. How do you know which of these to use for any given problem?
Shoe Stores carries a basic black dress shoe for men which sell at a rate of 500 each quarter. Their current policy is to order 500 per quarter, with a fixed cost of $30/order. Annual holding cost is 20% of cost of items held. Subsequent cost stru..
Mr. Dave Jones manages the warehouse inventory for Athleticks, a distributor of sports watches. From his experience, Mr. Jones knows that the PR-5 jogging watch has an average daily demand of 100 units and a performance cycle of 8 days.
What is the productivity measure of "units of output per dollar of input" averaged over the four-year period? Show all your calculations and explain each one.
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