Industry 4.0 Quiz 2: 4 August 2024, Set 3 (May 2024 term)

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In a EOQ calculation, the estimated and actual parameter values are given in Table 1. What is the error in the EOQ calulation {error= (Qestimated - Qactual)/ Qactual }. (round your answer to two decimal without the percentage sign e,g, enter 10.12 if your answer is 10.12 %, enter -10.12 if your answer is -10.12%)

In a EOQ calculation, the estimated and actual parameter values are given in Table 1. What is the error in the EOQ calulation {error= (Qestimated - Qactual)/ Qactual }. (round your answer to two decimal without the percentage sign e,g, enter 10.12 if your answer is 10.12 %, enter -10.12 if your answer is -10.12%)

Suppose you need to accept reservation for a flight. There is total 100 seats in the aircraft. You have two classes of passengers - economy and business. One economy seat gets you 2,500 Rs of revenue while a business seat gets 7,500 Rs. From your experience, you know the demand for business travellers follows a uniform distribution in [10,20]. Then answer the given subquestions:

What is the Booking limit?