Compute the expected running costs

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Reference no: EM131162873

A company is going to hire a repairman to look after four identical unreliable machines. The machines break down randomly according to a Poisson process of mean rate of 3 per day.

The non-productive time of any machine costs the firm 200 dollars per day. The firm can hire a slow, cheap repairman charging 500 dollars per day who repairs at an average rate of 4 machines per day.

Alternatively the firm can hire a fast, experienced repairman charging 1; 000 dollars per day who repairs at an average rate of 5 machines per day.

In either case repair time is assumed to be exponentially distributed. Compute the expected running costs in both cases and determine which repairman should be hired.

Reference no: EM131162873

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