Jet Copies Case Problem Shelandria Jones Strayer University MAT 540-Quantitative Methods Dr. Raymond Ottinot February 5‚ 2013 Introduction Jet Copies is a business venture of a couple of young men who had the insight to open up a copy business. James Ernie and Terri received a loan from Terri’s parents of $18‚000. Due to information they have received the large copier they purchased has a history of breakdowns often for a few days. So the three guys are looking into possibly getting
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Read the "JET Copies" Case Problem on pages 678-679 of the text. Using simulation estimate the loss of revenue due to copier breakdown for one year‚ as follows: In Excel‚ use a suitable method for generating the number of days needed to repair the copier‚ when it is out of service‚ according to the discrete distribution shown. In Excel‚ use a suitable method for simulating the interval between successive breakdowns‚ according to the continuous distribution shown. In Excel‚ use a
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Assignment 1: JET Copies Case Problem Rose Leahy Strayer University Quantitative Methods-MAT540 Dr. Patricia DeJarnett July 21‚ 2013 Assignment 1: JET Copies Case Problem Read the “JET Copies” Case Problem on pages 678-679 of the text. Using simulation estimate the loss of revenue due to copier breakdown for one year‚ as follows: In Excel‚ use a suitable method for generating the number of days needed to repair the copier‚ when it is out of service‚ according to the discrete distribution
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JET Copies Problem The simulation of Jet Copies can be done by generating random numbers from given probability distributions. The different steps of this simulation and assumption made are explained below. 1. Simulation for the repair time. It is given that the repair time follows Repair Time (days) Probability 1. .20 2. .45 3. .25 4. .10 -----
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JET Copies Case Problem Assignment 1 Professor Dr. Elena Klimova MAT 540 – Quantitative Methods Janeiro 28‚ 2013 5. Model number of days to repair In regard to the first part of the Case Problem (The average number of days needed to repair the copier)‚ I worked on the Excel to find the number of the days required to repair the copier (Repair Time (days). In Excel‚ I wrote down the table information given from the case study to make it easier to find it and copy‚ if necessary. I used
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Jet Copies Case Study 1. In Excel‚ use a suitable method for generating the number of days needed to repair the copier‚ when it is out of service‚ according to the discrete distribution shown. 2. In Excel‚ use a suitable method for simulating the interval between successive breakdowns‚ according to the continuous distribution shown. 3. In Excel‚ use a suitable method for simulating the lost revenue for each day the copier is out of service. 4. Put all of this together to simulate the lost revenue
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have the random numbers now I have the ability to determine the time between breakdowns. Weeks between Breakdowns The time between breakdowns allows you to estimate the time between the breakdowns of the copy machine. The time between breakdown allows you to also understand how the long the copy machines will work and how long they will last before they breakdown again. In column D row 16 is where I input the formula to find the time between breakdown =6*SQRT(Random r1). I used =6*SQRT(0.862) to
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prices of its products as inelastic as possible. This means that the pricing strategy should have no impact on the way the consumers perceive and buy such products. Generally we see such demand only in situations in which the good or services are indispensable and the consumers cannot do without those. However‚ this is not the case for microwavable food products. There is competition in the market to keep the prices under check. Hence‚ the company needs to do two things to make its prices inelastic- First
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The JET Copies assignment is similar to the Bigelow Manufacturing Company machine breakdown example in the textbook. Hence the example was used as a guide. Days to Repair Simulation Process In simulating the number of days to repair‚ first a table was created based on the information given in the Repair time and Probability information table as found in the case. The created table was defined as “Lookup” in the array information for VLookup function in Microsoft Excel. Next‚ based on the probability
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Jet Copies DAYS TO REPAIR The days to repair component was calculated by using the probability distribution of repair times given. This was used along with a set of random numbers based on 100 breakdowns a year. Then‚ a vlookup was used and the probability distribution per day to come up with the days to repair‚ which varies based on the random number that excel generates. The random number represents the probability of how many days it would take to repair the copier. TIME BETWEEN BREAKDOWNS
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