Spreadsheet Modeling & Decision Analysis: A Practical Introduction To Business Analytics, Loose-leaf Version
8th Edition
ISBN: 9781337274852
Author: Ragsdale, Cliff
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Videos
Question
error_outline
This textbook solution is under construction.
Students have asked these similar questions
a factory that produces a small number of items per day. In about 30% of working days the factory produces 7 units of the product, in 45% of working days it produces 8 units, and the rest of working days it produces 9 units. After production is completed, each unit is thoroughly inspected. Each unit fails inspection with probability ??. If two or more units fail inspection on the same day, the factory closes for a week to re-calibrate equipment. Say the factory opens today after being closed for a week, write a mathematical expression to calculate the probability that the factory will remain open at least 30 days before closing again.
A machine produces parts that are either good (90%), slightly defective (2%), or obviously defective (8%). Produced parts get passed through an automatic inspection machine, which is able to detect any part that is obviously defective and discard it. What is the quality of the parts that make it through the inspection machine and get shipped?
The output from a process contains a 0.02 defective unit. Defective units that go undetected into final assemblies cost $25 each to replace. An inspection process, which would detect and remove all defectives, can be established to test these units. However, the inspector, who can test 20 units per hour, is paid $8 per hour, including fringe benefits. Should an inspection station be established to test all units?a. What is the cost to inspect each unit?b. What is the benefit (or loss) from the inspection process?
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- For each scenario suggest a control that could be used to reduce the risk. Entering negative values for order quantity in a sales order Selling to a customer with an overdue account Ordering from a non-existent supplier Paying for goods that have not been received Entering an alphanumeric customer ID when the business policy is for numeric customer IDs Misappropriation of goods by receiving staff, who also maintain inventory records Ordering too much of a product 8. You are required to list and explain three advantages of computer-executed control activities compared to manually executed control activities.arrow_forward1. Three hundred identical cathode ray tubes (CRTS) placed into service simultaneously on January 1, 1976, experienced the following numbers of failures through December 31, 1988: 1983 Year Number of failures 1984 1985 1986 1987 1988 13 19 16 34 21 38 Assume that there were no failures before 1983. a. Based on these data, estimate the cumulative distribution function (CDF) of a CRT chosen at random. Using the results of part (a), estimate the probability that a CRT chosen at random 13.1 Reliability of a Single Component 753 b. Lasts more than 5 years. c. Lasts more than 10 years. d. Lasts more than 12 years. e. That has survived for 10 years fails in the 11th year of operation.arrow_forwardFearless Inc. has designed and tested 400 Super Sucker Vacuum Cleaner models. All of them were operated for 1,000 hours at Lubbock's Fearless test facility. Out of all the vacuums 2 of them failed during the test. One of them after 900 hours and the other after 500 hours. What is this product estimated Mean Time Between Failures?arrow_forward
- Cpk can never be higher than Cp. T or F Non-parametric analysis is usually used for non-ratio and non-interval data. T or F Parametric analysis is stronger, better chance of not having a type II error, than non-parametric analysis T or Farrow_forwardA garage door opener has three sections, which have reliabilities of .9, .8, and .9. The lowest of these has an identical backup that automatically goes on if the original fails. All three parts must operate to perform its intended function. The system reliability is closest to:arrow_forwardThere is a 4 percent error at a specific point in a production process. If an inspector is placed at this point, all the defects can be detected and eliminated. The inspector would cost $8 per hour and could inspect unit in the process at the current production rate of 45 per hour. If no inspector is hired and defects are allowed to pass a point, there is a cost of $9 per defective unit to correct the defects later. If an inspector is hired, what will be the inspection cost per unit? (Round to 3 decimal places.) If an inspector is hired, what will be the defective cost per unit? (Round to 3 decimal places.) Should an inspector be hired based on cost alone?arrow_forward
- The level of significance refers to the probability of making a Type II error. A- true B- falsearrow_forwardBurger Doodle is a fast-food restaurant that processes an average of 700 food orders each day. The average cost of each order is $6.05. Four percent of the orders are incorrect, and only 8% of the defective orders can be corrected with additional food items at an average cost of $1.75. The remaining defective orders have to be thrown out.arrow_forwarddo fast no use Ai answer plzarrow_forward
- Pressurized steam at 4 4 0 K flows through a long, thin-walled pipe of 0.64 m diameter. The pipe is enclosed in a concrete casing that is of square cross section and 1.45m on a side. The axis of the pipe is centered in the casing, and the outer surfaces of the casing are maintained at 340 K . What is the rate of heat loss per unit length of pipe?arrow_forwardIn a manufacturing process, 10% of the produced units are defective. If the process produces 1000 units per hour, how many defective units are produced in a day (8 hours of operation)?arrow_forwardA part at Belleh Fontem Manufacturing requiresholes of size .5 ± 0.0 I inches. The drill bit has a s tated size of.5 ± 0.005 inches and wears at the rate of .00017 inches perhole drilled. Give the most and least number of holes that can bedrilled with one drill bit before it has to be replaced.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Understanding BusinessManagementISBN:9781259929434Author:William NickelsPublisher:McGraw-Hill Education
Management (14th Edition)ManagementISBN:9780134527604Author:Stephen P. Robbins, Mary A. CoulterPublisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...ManagementISBN:9781305947412Author:Cliff RagsdalePublisher:Cengage Learning
Management Information Systems: Managing The Digi...ManagementISBN:9780135191798Author:Kenneth C. Laudon, Jane P. LaudonPublisher:PEARSON
Business Essentials (12th Edition) (What's New in...ManagementISBN:9780134728391Author:Ronald J. Ebert, Ricky W. GriffinPublisher:PEARSON
Fundamentals of Management (10th Edition)ManagementISBN:9780134237473Author:Stephen P. Robbins, Mary A. Coulter, David A. De CenzoPublisher:PEARSON
Understanding Business
Management
ISBN:9781259929434
Author:William Nickels
Publisher:McGraw-Hill Education
Management (14th Edition)
Management
ISBN:9780134527604
Author:Stephen P. Robbins, Mary A. Coulter
Publisher:PEARSON
Spreadsheet Modeling & Decision Analysis: A Pract...
Management
ISBN:9781305947412
Author:Cliff Ragsdale
Publisher:Cengage Learning
Management Information Systems: Managing The Digi...
Management
ISBN:9780135191798
Author:Kenneth C. Laudon, Jane P. Laudon
Publisher:PEARSON
Business Essentials (12th Edition) (What's New in...
Management
ISBN:9780134728391
Author:Ronald J. Ebert, Ricky W. Griffin
Publisher:PEARSON
Fundamentals of Management (10th Edition)
Management
ISBN:9780134237473
Author:Stephen P. Robbins, Mary A. Coulter, David A. De Cenzo
Publisher:PEARSON
Process selection and facility layout; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=wjxS79880MM;License: Standard YouTube License, CC-BY