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Question: Suppose there are 42 pumps used in a refinery. These pumps are continuously being used with a 2% chance of failure over 50,000 hours. If repair time is 10 hours to install a new rebuilt pump, how many pumps should be kept on hand to keep the chance of a plant shutdown to less than 1%. (Hint: Treat this problem as a traditional safety stock problem and use a z table.)

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Category:- Management Theories
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