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An assembly line with 28 activities is to be balanced.The total amount of time required for all 28 activities is 39 minutes.The longest activity is 2.2 minutes and the shortest is 0.8 minutes.The line will operate for 450 minutes per day.Using a cycle time of 60 seconds, determine an assembly line balance by selecting the longest task available.Compute the total idle time, and assembly line efficiency.
Opportunity Cost
The cost of what is forgone in order to pursue a certain action; the value of the best alternative option that is not selected.
Subjective Values
The notion that the value of goods and services is determined by the preferences and perceptions of individuals, rather than by intrinsic characteristics.
Decision Making
The process of selecting among available alternatives based on the preferences and values of the decision-maker.
Sunk Cost
A cost that has already been incurred, cannot be recovered, and thus is irrelevant for present and future economic decisions.
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