Quantative Methods

In: Business and Management

Submitted By venetia
Words 917
Pages 4
JET Copies Case Problem

Venetia Carter

Professor Donald Ray West
Quantitative Methods
MAT 540
January 18, 2011

1. The number of days needed to repair the copier when it is out of service , according to the discrete distribution shown : Repair time (days) | Probability | Contribution to average repair time | 1 | 0.20 | 0.20 | 2 | 0.45 | 0.90 | 3 | 0.25 | 0.75 | 4 | 0.10 | 0.40 | Total (average days) | 1.00 | 2.25 |

2. Number of weeks between breakdowns simplified # of weeks | Cumulative chance of breakdowns | Simplified | 0 | 0* 0/18 *1/2 | 0 | 1 | 1*1/18*1/2 | 1/36 | 2 | 2*2/18*1/2 | 4/36 | 3 | 3*3/18*1/2 | 9/36 | 4 | 4*4/18*1/2 | 16/36 | 5 | 5*5/18*1/2 | 25/36 | 6 | 6*6/18*1/2 | 36/36 |

The chance of a breakdown within x weeks after a previous breakdown is x^2/36. To find the average value of x we set x^2/36=1/2 to get x =3 *sqrt (2) =4.243. This gives us 4.243 weeks between breakdowns.

3. Revenue lost per day the copier is out of service # of copies sold per day Price of each copy Revenue per day Low estimateHigh estimate | 20008000 | $0.10$0.10 | $200$800 | Average 5000 $0.10 $ 500

4. Lost revenue due to copier breakdowns over 1 year (average)

Weeks per year | 52 | Weeks between breakdowns | 4.243 | Breakdowns per year | 12.255 | Days lost per breakdown | 2.25 | Revenue lost per day | $500 | Revenue lost per breakdown | $1,125 |
Revenue lost per year $13,787

5. Write a brief explanation or description of how you implemented each component of the model.
To find the average time it takes to repair the copier, I looked at the given table. The average time will be the possible times (1-4 days) weighted…...

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