An insurance company classifies clients as "high-risk" and "acceptable risk". For a particular year, the probability that a high-risk person has an accident is 0.4, and the probability that an acceptable risk person has an accident is 0.2. The client-base is estimated to be 30 percent high risk. HINT: Think about what you know and what you want to find.

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1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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