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A repair and inspection facility consists of two stations: a repair station with two technicians, and an inspection station with I inspector. Each repair technician works at the rate 3 items per hour; the inspector can inspect 8 items per hour. Approximately 10% of all items fail inspection and are sent back to the repair station. (This percentage holds even for items that have been repaired two or more times.) If items arrive at the rate 5 per hour, what is the long-run expected delay that items experience at each of the two stations, assuming a Poisson arrival process and exponentially distributed service times? What is the maximum arrival rate that the system can handle without adding personnel?

 

 
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Ali has a rock quarry (alla) that provides local stone for landscaping. Currently, Jan-2021, he has an offer for $45,000 to sell the quarry. He has only one week to make this decision. He is hesitant to sell because he believes there will be an increase in demand in the next 2 years that would improve his financial situation. He thinks there is a 60% chance of an increase in demand, at which point he would operate at a profit of $30,000 in 2021, and then decide to operate at a profit of $50,000 in 2022 or sell the quarry to a new buyer for $45,000 in Jan-2022. If demand does not increase, he would operate at a profit of only $7,000 in 2021 and 6,000 in 2022. If he decides to keep the quarry, the current buyer would be willing to pay $8,000 in Jan- 2022. Interest rates are 5% and 7% in the first and second year, respectively,

a) Develop a decision tree model to determine what Ali should do.
b) Draw the influence diagram of this problem.
c) Do you have a requisite decision model? Does it pass the clarity test? Explain.
d) What is the planning horizon of Ali?

 
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In which of the following situations has a valid, legally-enforceable contract been formed?

Able makes a written offer to Baker on July 1st Baker writes back to accept on July 28th, and puts the letter in the mailbox on August 1st
Fong accepts a job offer from Tom Hartar’s Coffee. The contract includes a promise to not share the company’s private information
Candy offers to sell her car to Derek for S1000. Derek thinks about it, and calls her back the next day to say he will buy it for 5950.
Henrietta secretly offers the Mayor of Langley $10,000 cash it he will promise to select Henrietta’s company to receive a tender

 
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Which of the following is a disadvantage of profit sharing?

Select one:

a. Most employees don’t feel their jobs have a direct impact on profits.
b. Most profit sharing plans are highly sophisticated and hence not easily understood by employees
c. Most employees are not concerned about the profitability of their organizations.
d. Most employees are unwilling to learn about financial measures and the business factors that influence them
Employee stock ownership plans:
Select one:
a. provide employees with end-of-year bonuses that do not build into their base pay
b. provide employees with the right to purchase stock at a specified (exercise) price for a fixed time period
c. offer employees the opportunity to purchase company stock, often partially or fully matched by employer-paid stock for the employee
d. grant stock options to employees at all levels rather than just senior executives
 
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