Processing times of different parts
A machine processes parts, one at a time. The processing times of different parts are independent random variables, uniformly distributed on (1,5). approximate the probability that the first 100 parts are processed within 320 time units.
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It takes 2 hours to set up the machine to produce the part, and cost of system downtime is $150/hr. Determine (a) the most economical batch quantity for this part and (b) the associated total inventory cost.
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