Concept explainers
a)
Lean Manufacturing: Lean manufacturing aims at reducing the cost and minimizing the waste involved in the production, in order to optimize the value for the product or the service.
Lead Time: Lead time is the time consumed for the creation of a product. It refers to the time period between the time the order is placed and the product is completed. Lesser lead time creates a more competitive edge for the company.
Lead Time = Wait time + Process time + Queue time + Move time + Inspection Time
To Explain: The reasons for the management to improve setup time.
b)
To Explain: The various ways through which the management could improve setup time.
c)
To Calculate: The time required for setup.
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Create a new dummy variable that is equal to zero if the repairperson is Bob Jones and one if the repairperson is Donna Newton. Develop the multiple regression equation to predict repair time, given the number of months since the last maintenance service and the repairperson. What are the interpretations of the estimated regression parameters? What does the coefficient of determination tell you about this model? Develop the multiple regression equation to predict repair time, given the number of months since the last maintenance service, the type of repair, and the repairperson. What are the interpretations of the estimated regression parameters? What does the coefficient of determination tell you about this model? Which of these models would you use? Why?arrow_forward
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