...Assignment #1: JET Copies Case Problem Strayer University MAT540: Quantitative Methods October 29, 2013 JET Copies is a company designed to alleviate a longer commute and longer wait time, and possibly have a more cost efficient method for the college students to make copies. The three students James, Ernie, and Terri decided to go into business together with a copying business initiative. Considering what was ahead of the new business, for example, possible machine downtime and days to repair the copier, they had to determine the average number of days that it would take for them to acquire a repair team to fix the machine in the event that it broke down. As discovered, the average time for repair was between one and four days. In order to calculate the average, a probability distribution was developed using Microsoft Excel. From there, the cumulative probability was obtained by adding the probability, P(x), from the previously itemized probabilities where the cumulative summation of a probability is always equal to one (1) or 100%. A random number formula, =RAND(), was plugged into the Microsoft Excel desired cell, in this situation, (H4), which generated a random range of numbers that are greater than or equal to zero and less than one. The interim time between breakdowns were achieved simply by soliciting the experience several staff members in the college of business who were familiar with frequency of the copier’s inconsistent behavior. It was estimated that the...
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...JET Copies Case Problem Assignment #1 MAT540, Strayer University Assignment#1: JET Copies Case Problem According to the discrete distrubution, the number of days (y) needed to repair the copier is as follows (where “R2” is a random value in the excel sheet between and 0 and 1): 0 < R2 < .2, then it takes 1 day .2 < R2 < .65, then it takes 2 days .65 < R2 < .9, then it takes 3 days .9 < R2 < 1, then it takes 4 days James estimated that the time between break-downs was probably between 0 and 6 weeks, with the probability increasing the longer the copier went without breaking down. For simulating the interval between successive breakdowns: f(x) = x/18, 0 ≤ x ≤ 6 weeks where x= weeks between break-downs f(x) = x²/36, 0 ≤ x ≤ 6 weeks where x= weeks between break-downs f(x) = random number1 (R1) = x²/36 x = 6*sqrt(R1) 3. For simulating the lost revenue every day that the copier is out of service, select a random number (R3) between 2000 and 8000, since it is estimated that they would see between 2000 and 8000 copies a day. They will charge $0.10 per copy. Therefore, the lost revenue for each day the copier is out of service is equal to R3*.1*repair time. The amound of revunue lost is approxiamtely $12,934.80. Please see the attached excel sheet. In order to estimate the revenue lost for the one year of operations the simulation has been performed. The estimates indicated that the copies sales were between 2000 to 8000 pieces...
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...Quantitative Methods -MAT 540 JET Copies Case Problem Assignment #1 Days-to-repair Terri was able to gather data from the college which allowed them to develop a table for the probability distribution of the wait for repair services on JET’s copier. To model the probability of wait times in the JET Copies simulation, the JET partners generated a random number representing the probability of an occurrence of a breakdown. They then programmed a VLOOKUP function to match this breakdown probability to the corresponding “Repair Time in Days” column of the table. The result is the simulated time to get repair service for each breakdown occurrence. Interval between breakdowns The James, Ernie, and Terri purchased a copier just like the one used at their college office. When Ernie talked with someone in the dean’s office at State, he was told that the University’s copier broke down frequently often for 1 to 4 days. The partners became worried that their machine would also frequently break down. Although they could not get an exact probability distribution, James was able to determine that breakdowns occurred between 0 and 6 weeks apart. The probability of a breakdown increased as time passed. To model the time between breakdowns in their simulation, JET created a list of random numbers. Next, they applied the probability function f(x) = 2x/a2 0≤ x ≤ a. For this situation, the formula used is x = a √r. Since James estimated breakdowns occur zero to six weeks apart...
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