Precision Craft,Inc

question 30

Essay

Precision Craft,Inc.,manufactures ornate pedestal sinks.On any day,the status of a given sink is either: (a)somewhere in the normal manufacturing process,(b)being reworked because of a detected flaw,(c)finished successfully,or (d)scrapped because a flaw could not be corrected.The transition matrix is as follows:
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a.What is the probability of a sink eventually being finished if it is currently in process?
b.What is the probability of a sink eventually being scrapped if it is currently in rework?
c.What is the probability that a sink currently in rework will have a "finished" status either tomorrow or the next day? (Hint: There are three ways this can happen.)

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Definitions:

Consumers

Individuals or entities that purchase goods and services for personal use and not for manufacture or resale.

Macroeconomic Analysis

The examination and interpretation of economic trends and policies at the scale of an entire economy, focusing on phenomena like inflation, unemployment, and Gross Domestic Product (GDP).

Global Businesses

Companies that operate and provide goods or services in multiple countries across the world.