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A foundry receives an order for specialty castings. Cost of producing each casting is estimated to be $15,000. The customer requires that exactly 4 good castings be supplied. The customer will pay $20,000 for each good casting. If fewer than four good castings are available, none will be purchased. Each casting is produced independently and the probability of an individual casting being acceptable to the customer is .80. 1/ Develop the expected profit function to be maximized? 2/ Determine the production lot size that maximizes expected profit? 3/ Determine the lot size that will yield a probability of .90 of producing at least 4 good castings. What is the expected profit for the lot size obtained?
Explain Downward communication. Downward communication: It moves downward in an organisation. The formal communication in between a subordinate and superior where the superio
Hard Change Initiatives - Linking Strategic 1. Total quality management (TQM)/ISO 9000 2. Enterprise resource planning (ERP)/material requirements planning; manufacturing
Who was the founder of Scientific Management? Ans: The founder of Scientific Management is F.W. Taylor.
Why do you think many managers are surprised by environmental changes and hence are less able to help their organizations adapt?
A two year sales history by quarter for a seasonal product is given below. Sales Quarter First Year Second Year 1 30 42 2 48 58 3 60 74 4 35 44 a) Using Winter's
What are the CSF''s in making location decisions
Think of a class you've taken in the past. What standards of performance did your professor establish? How was your actual performance measured? How was your performance compared t
I need to find the schedule and cost variances for a project Actual cost at month 16 = $540,000 Scheduled cost = $523,000 Earned value = $535,000 Provided this information,
what is cost profit volume?
In which of the following situations would a court likely hold Melissa liable for copyright infringement? Please debate and support your answer with appropriate cites to support. A
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