The process under statistical control

Assignment Help Finance Basics
Reference no: EM131111086

In their text, Quantitative Analysis of Management (1997), B. Render (Rollins College) and R. M. Stair (Florida State University), present the case of the Bayfield Mud Company. Bayfield supplies boxcars of 50-pound bags of mud treating agents to the Wet-Land Drilling Company. Mud treating agents are used to control the pH and other chemical properties of the cone during oil drilling operations. Wet-Land has complained to Bayfield that its most recent shipment of bag3 were underweight by about 5%. (The use of underweight hags may result in poor chemical control during drilling, which may hurt drilling efficiency resulting in serious economic consequences.) Afraid of losing a long-time customer, Bayfield immediately began investigating their production process. Management suspected that the causes of the problem were the recently added third shift and the fact that all three shifts were under pressure to increase output to meet increasing demand for the product. Their quality control staff began randomly sampling and weighing six bags of output each hour. The average weight of each sample over the last three days is recorded in the table along with the weight of the heaviest and lightest bag in each sample

a. Construct an -chart for these data

b. Is the process under statistical control?

c. Does it appear that management's suspicion about the third shift is correct? Explain?

Reference no: EM131111086

Questions Cloud

The piston on the double-acting cylinder : 2a)When the piston on the double-acting cylinder is retracted (completes the instroke), the piston activates the roller control the left side of the 5/3 pilot valve, releasing air at the top left of the 5/3 and causing the piston to outstroke. Air in..
How should a business use working capital analysis : Compare and contrast the Internal Rate of Return (IRR), the Net Present Value (NPV) and Payback approaches to capital rationing. Which do you think is better? Why? Provide examples and evidence from two articles from ProQuest to support your posi..
Write a program that demonstrates the class : Write a program that demonstrates the class. The program should ask the user to enter a temperature, and then display a list of the substances that will freeze at that temperature and those that will boil at that temperature. For example, if the t..
Annual interest rate of approximately : Please show your working-A person borrows $200 from a payday loan company, and pays $10 interest for two weeks. This would result in an annual interest rate of approximately ___ percent. Ignore compounding.
The process under statistical control : In their text, Quantitative Analysis of Management (1997), B. Render (Rollins College) and R. M. Stair (Florida State University), present the case of the Bayfield Mud Company. Bayfield supplies boxcars of 50-pound bags of mud treating agents to t..
Describe one organization/agency that would be involved : Describe one organization/agency that would be involved in care delivery for your hypothetical patient. Provide specific details related to: The geographic location in which it is located an dThe primary diagnosis of your hypothetical patient.
Quotations for numerous currencies : The "Market" section of the Bloomberg website provides interest rate quotations for numerous currencies. Its address is www.bloomberg.com.
To monitor the performance of the machine : A machine at K-Company fills boxes with bran flakes cereal. The target weight for the filled boxes is 24 ounces .The company would like to use an -chart to monitor the performance of the machine.
What is the value of the checksum : What is the value of the checksum?

Reviews

Write a Review

Finance Basics Questions & Answers

  Your finance text book sold 47500 copies in its first year

your finance text book sold 47500 copies in its first year. the publishing company expects the sales to grow at a rate

  Examples of major ethical breaches

What are some examples of major ethical breaches in the recent past that have led to increased scrutiny in the field of financial reporting and analysis? Why are they important to a firm's stakeholders and the public at large?

  What is the value of the property

A lender offers an eight percent, 20-year, fully amortizing mortgage loan (requiring monthly payments; annual constant of .1003728) in an amount that will result in a debt coverage ratio of 1.3 and a loan-to-value ratio of 70 percent. What is the ..

  As the difference between the costs of short- and

as the difference between the costs of short- and long-term debt becomes smaller which financing plan aggressive or

  Discuss the type of individual securities or mutual funds

1. discuss the type of individual securities or mutual funds that you believe are suitable for an aggressive investor

  Which of the two machines is the better investment project

Which of the two machines is the better investment project? Analyze the question under the assumption that whatever machine the company buys has to be reinvested in perpetuity.

  Great aunt matilda put some money in an account

Your great aunt Matilda put some money in an account for you on the day you were born. This account pays 8% interest per year. On your 21st birthday the account balance was $5,033.83

  Compute the average daily float

Suppose you are planning to save for $140,000 Ferrari. You have $30,000 to invest and your bank pays 4.2% annual interest. How long before you have enough to buy the car?

  Difference between efficiency and effectiveness

Question 1: In a short essay, discuss the difference between efficiency and effectiveness Question 2: In a short essay, define planning and compare formal and informal planning as they are used in various organization.

  What is the firm after-tax cost of debt

ABC, Inc. has 4 percent bonds outstanding that mature in 25 years. The bonds pay interest semiannually and have a face value of $1,000. Currently, the bonds are selling for $900 each. What is the firm's after-tax cost of debt if the tax rate is 38..

  St lukersquos convalescent center has 200000 in surplus

1.community hospital has annual net patient revenues of 150 million. at the present time payments received by the

  Federal reserve in adjusting the discount rate

What are the factors that would influence the Federal Reserve in adjusting the discount rate? How does the discount rate affect the decisions of banks in setting their specific interest rates?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd