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Inventory models deal with the problem of determination of how much to order at a point in time and when to place an order. The main objective is to minimize the sum of three
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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
Chi Square Test for Independence of Attribute The chi square test can be used to find out whether two or more attributes are associated or not. This test helps in fin
These models are used when one must decide the optimal time to replace equipment for one reason or the other for instance, in the case of equipment whose efficiency dete
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A paper mill prouduces two grads of paper viz., X and Y. Becouse of raw material restriction, it cannot product more then 400 tons of grade X paper and 300 tons of grade Y paper in
Test Statistic The next step is compute an appropriate test statistic which is based on an appropriate probability distribution. It is used to test whether the null hypo
A company uses 4 pounds of resource 1 to make each unit of X1 and 3 pounds of resource 1 to make each unit of X2. There are only 150 pounds of resource 1 available. Which of the fo
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