Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
The Best Corporation is considering making either minor or major repairs to a malfunctioning production process. When the process is malfunctioning, the percentage of defective items produced seems to be a constant with either p = 0.10 or p = 0.25. Defective items are produced randomly, and there is no way Best can tell for sure whether the machine needs minor or major repairs. If minor repairs are made when p = 0.25, the probability of a defective item is reduced to 0.05. If minor repairs are made when p = 0.10 or major repairs are made when p = 0.10 or p = 0.25, the proportion of defectives is reduced to zero. The company's prior probability that p = 0.10 is 0.70. Best has recently received an order for 1000 items. This item yields Best a profit of $0.50 per unit, except when the company has to pay a $2 penalty cost for each defective item. Major repairs to the process cost $100 and minor repairs to the process cost $60. The process cannot be adjusted once a production run has begun. Prior to starting a production run, however, Best can sample (at a cost of $1 per item) items from a trial rum.
Questions
i) Find Best's optimal course of action if the company is trying to decide between not sampling at all and sampling one item. (Draw, properly label and evaluate the decision tree).
ii) Find the optimal action for Best if it is willing to consider a sample of either one or two item, (Draw, properly label and evaluate the decision tree).
iii) Compute the joining probabilities, marginal probabilities and posterior probabilities for (i) and (ii) using MS Excel.
iv) Use Decision Tree Analysis and find the best strategy.
current economic situation
There is no unique set of problems which can be solved by using operations Research Models r techniques. Several operations Research Models or techniques can be grouped into some b
#qudistinguish between histogram and historigram estion..
source code in c available?
What are artificial variable why do you need them
job- 1 2 3 4 5 6 7 t1- 3 12 15 6 10 11 9 t2- 8 10 10 6 12 1 3
A paper mill produces two grades of paper viz., X and Y. Because of raw material restrictions, it cannot produce more than 400 tons of grade X paper and 300 tons of grade Y paper i
Regression Line The line of regression is the line which give the best estimate to the values of one variable for any specific values of other variable. For t
Secondary Periodicals: Secondary Periodicals Secondary periodicals are abstracting and indexing periodicals. They are also called documentation periodicals. They are a syst
Maximize Z= 3x1 + 2X2 Subject to the constraints: X1+ X2 = 4 X1 - X2 = 2 X1, X2 = 0 on..
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd