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Estimate the total number of replications

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Reference no: EM131619441

Question: Consider Exercise. If it is required to estimate the average waiting time with an absolute error of 0.25 and confidence level of 90%, determine the nnmber of replications required.

Exercise: Reconsider Exercise except that, if the inventory level at a monthly review is zero or negative, a rush order for Q units is placed. The cost for a rush order is $120+$12Q, where $120 is the ordering cost and $12 is the cost of each item. The lead time for a rush order is given by a uniform distribution on the interval (0.10, 0.25) months.

(a) Make four independent replications for the (M, L) policy, and estimate longrun mean monthly cost with a 90% confidence interval.

(b) Using the results of part (a), estimate the total number of replications needed to estimate mean monthly cost within $5.

Reference no: EM131619441

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