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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?
Consider monthly demand for the ABC Corporation as shown in Table 7-3. Forecast the monthly demand for year 6 using moving average, simple exponential smoothing, Holt's model, and
You are in charge of organizing a dinner-dance concert for a local charity. You have reserved a hall that will seat 40 couples and have hired a jazz combo. Develop a of all the
Which type of research design - exploratory, descriptive, or casual - is appropriate for the following examples? Explain why? A hair-care manufacturer interviews wholesalers, retai
What is the process mapping? Process mapping: For processes to be enhanced they should first be demonstrated. Flow charts can help the use of process mapping as an exampl
1. What factors have limited the ability of local law enforcement agencies to respond to the growing threat of computer crime? Answer A. lack of training B. lack of diagnostic equi
At what rate of interest, compounded annually, will an investment triple itself in (a) 8 years ? (b) 10 years? (c) 12 years?
Q1 Evaluate the service to club members and casual flyers by completing a table similar to Table 3.1. Q2 Chart the five performance objectives to show the dif¬fering expectations
Which of the following is true? Once you complete the five steps, the process is complete. Another constraint will always appear when the original constraint is broken. De
Twelve samples, each containing five parts, were taken from a process that produces steel rods. The length of each rod in the samples was determined. The results were tabulated and
What is the key reason host country nationals are hired to fill most foreign positions? Answer (1) They can more easily understand the values and customs of the local workforce. (2
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