JET Copies Case Problem, Applied Statistics

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:

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.
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 due to copier breakdowns over 1 year to answer the question asked in the case study.

5. In a word processing program, write a brief description/explanation of how you
implemented each component of the model. Write 1-2 paragraphs for each component of the model (days-to-repair; interval between breakdowns; lost revenue; putting it
together).

6. Answer the question posed in the case study. How confident are you that this answer is a MAT540 Student Version 201005 Page 6 of 19 good one? What are the limits of the study? Write at least one paragraph.
There are two deliverables for this Case Problem, the Excel spreadsheet and the written
description/explanation. Please submit both of them electronically via the dropbox
Posted Date: 1/26/2013 8:23:35 PM | Location : United States







Related Discussions:- JET Copies Case Problem, Assignment Help, Ask Question on JET Copies Case Problem, Get Answer, Expert's Help, JET Copies Case Problem Discussions

Write discussion on JET Copies Case Problem
Your posts are moderated
Related Questions
Harmonic Mean  The harmonic mean  also called harmonic  average, in the total numbers of items of variable divided by the sum of r reciprocals of the values of the variable. In

As we stated above, we start factor analysis with principal component analysis, but we quickly diverge as we apply the a priori knowledge we brought to the problem. This knowled

Sampling Error  It is the difference between the value of the actual population parameter and the sample statistic. Samples are used to arrive at conclusions regarding the p

Scenario : Mrs dick's year 1s and 2s carried out a level-one science investigation to explain the changes in a particular plant over a period of time.  As part of the investigation

The decision maker ranks lotteries according to the utility function (i) State the independence assumption. Does this decision maker satisfy it? (ii) Is this decision ma

Assumptions in ANOVA The various populations from which the samples are drawn should be normal and have the same variance. The requirement of normality can be discarded if t

calculate variance and standard deviation of the following sample 12,22,32,13,12,23,34,52,56,23,44,32,11,11

Question: (a) (i) Define the term multicollinearity. (ii) Explain why it is important to guard against multicollinearity. (b) (i) Sometimes we encounter missing values

The calculations of arithmetic mean may be simple and foolproof, but the application of the result may not be so foolproof. An arithmetic mean may not merely lack

Discriminant analysis (DA) helps to determine which variables discriminate between two or more naturally occurring groups. Mathematically equivalent to MANOVA, it ' is extensively