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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?
Answer the following questions: 1. what are the pros and cons of an airline implementing a policy that heavier customers need to buy a second seat? Research an airline and provide
Vision Tec, an advanced technology company in the Midwest, is developing their new Vision System product for the lucrative Pharmaceutical Market. This system uses a high-resolution
Activities relating to analysis and Control of Activities The next problem after the designing of the production system is the analysis and control of the production system. It
1. Using the terms from this chapter, how would you characterize the teams at ICU Medical Inc.? What are some advantages and disadvantages of giving teams a lot of autonomy to make
How can Mexico production help US manufacturers bring back some/most? of their Asia offshoring activities?
The senior management at Canine Kernels Company CKC is concerned with the existing capacity limitations so they want to accept the mix of orders that maximizes the company's profit
Part of the dynamics of leadership include dealing with innovation. Explain the 4 Ps of innovation. Give an example of a product that has gone through an innovative change. Which o
Explain the concept involved in operations strategy
Optimal Capacity Determination For a given capacity of a plant the average unit cost of production of a product decreases as the output rate( say in number of units produced p
Revisit the Automobile Driver's License office example. a. What is the direct labour utilization for the process shown in figure 7.6a? b.What is the direct labour utilization for
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