Aquaguard manufactures three models of water purifiers in three separate plants at Taiwan. These plants serve the demand in Europe. All three models sell at a unit price of $100 and the holding cost is 5% of the selling price per month. The monthly demand for these models is normally distributed with the following parameters:
Model 1: Mean 1000, SD 300
Model 2: Mean 1000, SD 300
Model 3: Mean 1000, SD 300
The demand for Model 1 and Model 2 has a correlation coefficient of (-) 0.35, while that for Model 3 is independent of the other two models. The company wishes to make two of the models in one plant by using flexible technology.
Required:
a) Which two models should Aquaguard choose in order to minimize production variability in the new plant? (as measured by the coefficient of variation).

Aquaguard may choose any of the  two models to minimize the production variability in the new plant.

Explanation:

Model 1: Mean = 1000, Standard Deviation(SD) = 300

Model 2: Mean = 1000, SD = 300

Model 3: Mean = 1000, SD = 300

Coefficient of variation for model 1

C.V = ( SD ÷ Mean) × 100

= ( 300 ÷ 1000 ) × 100

= 30 %

Coefficient of variation for model 2

= ( 300 ÷ 1000 ) × 100

= 30 %

Coefficient of variation for model 3

= ( 300 ÷ 1000 ) × 100

= 30 %

 We conclude that all the models have same effect .

client registration system, resource management system, clinical management system, patient information database, common use-system interface

explanation:

answer: b. false

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