Determine the number of spares that should be provided if

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Reference no: EM13627276

A Nascar team goes on tour for six moths. One major piece of equipment for the car is subject to breakdowns cause by the sudden failure of a specific component. Because the failed component cannot be repaired, the team must carry a stock of repair units of the component, but the cost will be $2000 for each spare unit taken. However, if the equipment fails and a spare is not available, a new unit will have to be flown in on a special mission at a cost of $3000 per unit delivered. An estimate of the number of spares required is given probability distribution below:

Number of spares required	0	1	2	3
Probability	0.2	0.3	0.4	0.1

Determine the number of spares that should be provided if the objective is to minimize costs.

Reference no: EM13627276

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