Describe what is the probability that you will make money, Operation Management

Assignment Help:

The owner of Firewood To Go is considering buying a hydraulic wood splitter which sells for $50000. He figures it will cost an additional $100 per cord to purchase and split wood with this machine, while he can sell each cord of split wood for $120.

Demand for cords of wood can be modeled by using a Normal Distribution with a Mean of 2400 units and a Standard Deviation of 100 units. What is the Probability that you will make money using this machine?

Your Answer = _________________ 


Related Discussions:- Describe what is the probability that you will make money

Explain how can service level agreements be monitored, How can service leve...

How can service level agreements be monitored? Construct a short service level agreement first, then discuss how this service level agreement can be monitored

Types of operations systems - variations in demand, Types of Operations Sys...

Types of Operations Systems - Variations in Demand Make-to-order versus make-for-stock  Particularly in production systems, a key decision must be made as to whether o

Explain way that pandora could benefit from grid computing, Develop a way t...

Develop a way that Pandora could benefit from grid computing

Explain variations in the material characteristics, Rivets used to secure t...

Rivets used to secure the stainless steel sheet metal of aircraft wings are designed to withstand certain shearing forces. It is known that because of random variations in location

Describe how many bags per run are optimal, A chemical firm produces sodium...

A chemical firm produces sodium bisulfate in 100-pound bags. Demand for this product is 20 tons per day. The capacity for producing the product is 50 tons per day. Setup costs $100

Explain what quinn refers to as the managerial classic trap, 1. Explain wha...

1. Explain what Quinn refers to as the managerial 'classic trap' in strategy formulation.  Answer: Quinn (1988) criticises those who see strategy formulation and implementation

Derive the demand functions of agent for good, 1. An agent has a utility fu...

1. An agent has a utility function over goods 1 and 2 of the form U = x c 1 x d 2 where c is your individual number and d is your minimum number. The agent's income is equal t

Explain methods of job evaluation, Compare and contrast the following metho...

Compare and contrast the following methods of job evaluation, and include examples that are not the same as in the textbook to demonstrate understanding: Lott, Benge, and Multiple

States the numerical flexibility workforce, States the numerical flexibilit...

States the numerical flexibility workforce? Numerical flexibility allows a firm to adjust quickly to changing levels of demand through increasing or decreasing the number of

Write Your Message!

Captcha
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