Premium Essay

Mat 540: Jet Copies Case Study

In:

Submitted By calebjoshua
Words 1203
Pages 5
JET Copies: The Decision to Purchase a Backup Copier

Businesses are continually faced with difficult and challenging decisions, especially those regarding revenue and whether or not to spend money on situations that may or may not occur, based on speculation or perception. There may be several techniques a business can employ to analyze if perceived investments will produce a desired return and subsequently, profit. Simulation is an analytical process that supports business planning objectives. By utilizing models to support this process, business leaders and managers can forecast potential expenditures and better prepare for roadblocks that can serve as organizational disadvantages. JET Copies is a company facing a dilemma of whether or not it would be cost effective to purchase a second copier in case repair times concerning the original one would result in a loss of revenue. To further analyze their case, I will model the number of days to repair the original copier, the number of weeks between breakdowns, and lost revenue due to breakdowns for a period of 1 year. Additionally, by combining all the modeling components, I will provide a detailed summary to support their decision of whether to invest in the additional copier, and do so with a high level of confidence. I will begin by modeling the number of days to repair. To begin the simulation technique chosen for this case, I first utilized the information communicated by Terri speculating that it will take 1 to 4 days to repair the original copier and the probability of each occurrence, based on a 20% probability for 1 day, 45% probability for 2 days, 25% probability for 3 days, and 10 % probability for 4 days, which equals 1, signifying the entire experiment or simulation. With this information, I was able to compute the cumulative probability, which also totals 1, (e.g., 0%, 20%, 65%, and 90%,

Similar Documents

Premium Essay

Mat 540 Entire Course Latest Strayer

...MAT 540 ENTIRE COURSE LATEST STRAYER To purchase this visit following link: https://coursehomework.com/product/mat-540-entire-course-latest-strayer/ Contact us at: HELP@COURSEHOMEWORK.COM MAT 540 ENTIRE COURSE LATEST STRAYER MAT 540 WK 1 Homework Chapter 1,11 MAT 540 WK 1 Quiz 1 Chapter 1,11 MAT 540 WK 2 Homework Chapter 12 MAT 540 WK 2 Quiz 2 Chapter 11,12 MAT 540 WK 3 Assignment 1 – JET Copies Case Problem MAT 540 WK 3 Homework Chapter 14 MAT 540 WK 4 Assignment 2 – Internet Field Trip MAT 540 WK 4 Homework Chapter 15 MAT 540 WK 5 Midterm Exam MAT 540 WK 6 Homework Chapter 2 MAT 540 WK 6 Quiz 3 Chapter 2 MAT 540 WK 7 Assignment 3 Case Problem – Julia’s Food Booth MAT 540 WK 7 Homework Chapter 3 MAT 540 WK 8 Homework Chapter 4 MAT 540 WK 8 Quiz 4 Chapter 4 MAT 540 WK 9 Homework Chapter 5 MAT 540 WK 9 Quiz 5 Chapter 9 MAT 540 WK 10 Assignment 4 Case Problem – Stateline Shipping and Transport Company MAT 540 WK 10 Homework Chapter 6 MAT 540 WK 11 Final Exam Course Home Work aims to provide quality study notes and tutorials to the students of MAT 540 Entire Course Latest Strayer in order to ace their studies. MAT 540 ENTIRE COURSE LATEST STRAYER To purchase this visit following link: https://coursehomework.com/product/mat-540-entire-course-latest-strayer/ Contact us at: HELP@COURSEHOMEWORK.COM MAT 540 ENTIRE COURSE LATEST STRAYER MAT 540 WK 1 Homework Chapter 1,11 MAT 540 WK 1 Quiz 1 Chapter 1,11 MAT 540 WK 2 Homework Chapter 12 MAT 540 WK 2 Quiz...

Words: 667 - Pages: 3

Free Essay

Statistics

...Management Science MAT 540 Dr. Simona Barb April 28, 2013 (III Taylor, 2011) Assignment Week 3 Brief Description JET Copies was created to solve a problem of resource scarcity, James, Ernie, and Terri all students were having challenges trying to get their copies. They were traveling to another building outside of theirs and several students were using the same copier. James thought they could make a lot of money if they purchased a copier and charged students 0.10 cents a copy. So James, Ernie, and Terri borrowed $18,000.00 dollars from their parents and went into business. Simulation Estimate I took the example from page 647 in our text and used it as a template to create my model. I used the discrete distribution table shown on page 679 to gather my information that stipulated repair times in days with the corresponding probability. The probability distribution was located on page 679 as well and gave a 0 to 6 week timeframe between break downs. I used the continuous probability function in excel to show the values. To compute the loss of revenue over 1 year I calculated all values then divided them by the cumulative total divided by 52 weeks for an average annual cost of $ 58,231 dollars. Case Problem Question Should JET buy a backup copier for $ 8000.00 dollars so they do not lose revenue when their main copier is being fixed? Yes they should purchase a backup copier because the revenue lost will significantly impact their copy business. My...

Words: 361 - Pages: 2

Free Essay

Jey Copies

...JET Copies Patrick Prophet Quantitative Methods – MAT 540 Dr. LaTasha Thompson 10/22/10 1. Write a brief description of how you implemented days-to-repair. When looking at the days it took to repair the copier, all that the JET Company had to go by was the average number of days that it took for the company to repair the copier if it broke down. The average was between 1 and 4 days to have the machine repaired. For this data, a probability distribution table was developed and programmed into excel. Once the probability table is loaded into excel, they are averaged into a random number range that generates numbers from 0.00 to 1.0. The system then generated an average number days it would take to repair the machine base to the random number generated. 2. Write a brief description of how you implemented the intervals between break downs. When the company looked at the number of intervals between breakdowns, there was no exact numbers to go by to create a probability distribution. What they did instead was to talk to the college who already owned one and go by their data. It was then determined that the average repair days would be between 0 and 6 days. This time the formula took the maximum number of and averaged it with the square root of the random numbers generated again from 0.00 to 1.0. Excel would then come up with the average number of days it would be between machine break down based on these numbers. 3. Write a brief description of how you...

Words: 633 - Pages: 3

Free Essay

Mat540

...MAT 540 Assign 3 Nora Bennett Q5. Using the discrete distribution chart shown, I created an Excel chart featuring the Probability of each repair time in days and the cumulative probability of each, so I could use the =LOOKUP formula to create the time between breakdowns in Q2. This shows that if the random number falls: between 0 and 0.2 it will take 1 day to repair between 0.2 and 0.65 it will take 2 days to repair between 0.65 and 0.90 it will take 3 days to repair and between 0.90 and 1 it will take 4 days to repair. Using the continuous distribution chart shown, I first set up a table with 52 options for random numbers. I then used the formula =RAND() in Column B to simulate 52 random numbers to then be used for the continuous distribution formula to find: Time Between Breakdowns: | Chart: 6/.33 = 18.18 | f(x)= x/18, 0 ≤ X ≤ 6 | f(x)= x²/36 = x = 6√RN1 | | I then used this formula in Column C to find the time between breakdowns for the copy machine. I averaged this column for use in answering question 4, and also divided 52 weeks by this average to help answer question 4. To simulate the lost revenue for each day the copier is out of service, I generated a new column of random numbers, RN2, (Column D) to use to find the repair time in days. In column E, I used the formula =LOOKUP that I set up in question one, to input the amount of days of repair for the random numbers I set up in column D. I averaged these numbers at the bottom of the column...

Words: 530 - Pages: 3

Free Essay

Quantative Methods

...JET Copies Case Problem Venetia Carter Professor Donald Ray West Quantitative Methods MAT 540 January 18, 2011 1. The number of days needed to repair the copier when it is out of service , according to the discrete distribution shown : Repair time (days) | Probability | Contribution to average repair time | 1 | 0.20 | 0.20 | 2 | 0.45 | 0.90 | 3 | 0.25 | 0.75 | 4 | 0.10 | 0.40 | Total (average days) | 1.00 | 2.25 | 2. Number of weeks between breakdowns simplified # of weeks | Cumulative chance of breakdowns | Simplified | 0 | 0* 0/18 *1/2 | 0 | 1 | 1*1/18*1/2 | 1/36 | 2 | 2*2/18*1/2 | 4/36 | 3 | 3*3/18*1/2 | 9/36 | 4 | 4*4/18*1/2 | 16/36 | 5 | 5*5/18*1/2 | 25/36 | 6 | 6*6/18*1/2 | 36/36 | The chance of a breakdown within x weeks after a previous breakdown is x^2/36. To find the average value of x we set x^2/36=1/2 to get x =3 *sqrt (2) =4.243. This gives us 4.243 weeks between breakdowns. 3. Revenue lost per day the copier is out of service # of copies sold per day Price of each copy Revenue per day Low estimateHigh estimate | 20008000 | $0.10$0.10 | $200$800 | Average 5000 $0.10 $ 500 4. Lost revenue due to copier breakdowns over 1 year (average) Weeks per year | 52 | Weeks between breakdowns | 4.243 | Breakdowns per year | 12.255 | Days lost per breakdown...

Words: 917 - Pages: 4

Free Essay

Industrial Engineering

...McGraw-Hill Create™ Review Copy for Instructor Espinoza. Not for distribution. Course BBE 4505 Omar Espinoza University Of Minnesota NATURAL RESOURCES McGraw-Hill Create™ Review Copy for Instructor Espinoza. Not for distribution. http://create.mcgraw-hill.com Copyright 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Printed in the United States of America. Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without prior written permission of the publisher. This McGraw-Hill Create text may include materials submitted to McGraw-Hill for publication by the instructor of this course. The instructor is solely responsible for the editorial content of such materials. Instructors retain copyright of these additional materials. ISBN-10: 1121789048 ISBN-13: 9781121789043 McGraw-Hill Create™ Review Copy for Instructor Espinoza. Not for distribution. Contents 1. Preface 1 2. Methods, Standards, and Work Design: Introduction 7 Problem-Solving Tools 27 3. Tex 29 4. Operation Analysis 79 5. Manual Work Design 133 6. Workplace, Equipment, and Tool Design 185 7. Work Environment Design 239 8. Design of Cognitive Work 281 9. Workplace and Systems Safety 327 10. Proposed Method Implementation 379 11. Time Study 413 12. Performance Rating and Allowances 447 13. Standard Data and Formulas 485 14. Predetermined Time Systems 507...

Words: 294686 - Pages: 1179

Free Essay

Creative Atif Aslam

...Overview of Applications by Discipline ECONOMICS Estimating sensitivity of demand to price 352–356 Pricing problems 352–366, 422–427 Estimating cost of power 363–366 47–56, Assessing a utility function 554–556 Estimating demand for products 632–638, 649–650, 764–771, 965 Subway token hoarding 792 FINANCE AND ACCOUNTING Collecting on delinquent credit accounts 14–16 Cost projections 29–33 Finding a breakeven point 33–41 Calculating NPV 57–62 Calculating NPV for production capacity decision 58–62 Portfolio management 173–178, 345–346, 387–394, 442–444, 689–691 Pension fund management 178–182 Financial planning 210–214, 676–681, 734–735 Arbitrage opportunities in oil pricing 215–219 Currency trading 220 Capital budgeting 290–295 Estimating stock betas 396–401 Hedging risk with put options 407–408 Stock hedging 407–408 Asset management 409–410 New product development 503–504, 574, 673–676, 715–722 Bidding for a government contract 513–518, 523–533, 653–657 Investing with risk aversion 557–560 Land purchasing decision 575 Risk analysis 582–583 Liquidity risk management 651–653 Estimating warranty costs 657–661 Retirement planning 681–685 Modeling stock prices 685–686 Pricing options 686–689, 691–693 Investing for college 732 Bond investment 733 HUMAN RESOURCES AND HEALTH CARE Fighting HIV/AIDS 23–24 DEA in the hospital industry 184–189 Salesforce allocation problems 454–456 Assigning MBA students to teams 462 Selecting...

Words: 68271 - Pages: 274

Premium Essay

Accounting

...Seventh Edition Accounting for Decision Making and Control Jerold L. Zimmerman University of Rochester To: Conner, Easton, and Jillian ACCOUNTING FOR DECISION MAKING AND CONTROL, SEVENTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2009, 2006, and 2003. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 0 ISBN MHID 978-0-07-813672-6 0-07-813672-5 Vice President & Editor-in-Chief: Brent Gordon Vice President of EDP: Sesha Bolisetty Editorial Director: Stewart Mattson Sponsoring Editor: Dick Hercher Marketing Manager: Sankha Basu Editorial Coordinator: Rebecca Mann Project Manager: Erin Melloy Design Coordinator: Brenda A. Rolwes Cover Designer: Studio Montage, St. Louis, Missouri Production Supervisor: Sue Culbertson Media Project Manager: Balaji Sundararaman Compositor: MPS Limited, A Macmillan Company...

Words: 209552 - Pages: 839

Premium Essay

Accounting for Decision Making and Control

...Seventh Edition Accounting for Decision Making and Control Jerold L. Zimmerman University of Rochester To: Conner, Easton, and Jillian ACCOUNTING FOR DECISION MAKING AND CONTROL, SEVENTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2009, 2006, and 2003. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4 3 2 1 0 ISBN MHID 978-0-07-813672-6 0-07-813672-5 Vice President & Editor-in-Chief: Brent Gordon Vice President of EDP: Sesha Bolisetty Editorial Director: Stewart Mattson Sponsoring Editor: Dick Hercher Marketing Manager: Sankha Basu Editorial Coordinator: Rebecca Mann Project Manager: Erin Melloy Design Coordinator: Brenda A. Rolwes Cover Designer: Studio Montage, St. Louis, Missouri Production Supervisor: Sue Culbertson Media Project Manager: Balaji Sundararaman Compositor: MPS Limited, A Macmillan Company...

Words: 209552 - Pages: 839

Free Essay

The Logistic Map

...Chaotic Growth with the Logistic Model of P.-F. Verhulst Hugo Pastijn Department of Mathematics, Royal Military Academy B-1000 Brussels, Belgium Hugo.Pastijn@rma.ac.be Summary. Pierre-Fran¸ois Verhulst was born 200 years ago. After a short biograc phy of P.-F. Verhulst in which the link with the Royal Military Academy in Brussels is emphasized, the early history of the so-called “Logistic Model” is described. The relationship with older growth models is discussed, and the motivation of Verhulst to introduce different kinds of limited growth models is presented. The (re-)discovery of the chaotic behaviour of the discrete version of this logistic model in the late previous century is reminded. We conclude by referring to some generalizations of the logistic model, which were used to describe growth and diffusion processes in the context of technological innovation, and for which the author studied the chaotic behaviour by means of a series of computer experiments, performed in the eighties of last century by means of the then emerging “micro-computer” technology. 1 P.-F. Verhulst and the Royal Military Academy in Brussels In the year 1844, at the age of 40, when Pierre-Fran¸ois Verhulst on November c 30 presented his contribution to the “M´moires de l’Acad´mie” of the young e e Belgian nation, a paper which was published the next year in “tome XVIII” with the title: “Recherches math´matiques sur la loi d’accroissement de la e population” (mathematical investigations of the law of...

Words: 138629 - Pages: 555

Premium Essay

First Filipino

...THE FIRST FILIPINO Republie of the Philippines Department of Education & Culture NATIONAL HISTORICAL COMMISSION Manila FERDINAND E. MARCOS President Republic of the Philippines JUAN L. MANUEL Secretary of Education & Culture ESTEBAN A. DE OCAMPO Chairman DOMINGO ABELLA Member HORACIO DE LA COSTA, S. J. Member GODOFREDO L. ALCASID Ex-Oficio Member TEODORO A. AGONCILLO Member EMILIO AGUILAR CRUZ Member SERAFIN D. QUIASON Ex-Oficio Member FLORDELIZA K. MILITANTE Exccutive Director RAMON G. CONCEPCION Chief, Administrative Division BELEN V. FORTU Chief, Budget & Fiscal Division JOSE C. DAYRIT Chief, Research & Publications Division AVELINA M. CASTAÑEDA Chief, Special & Commemorative Events Division ROSAURO G. UNTIVERO Historical Researcher & Editor EULOGIO M. LEAÑO Chief Historical Writer-Translator & Publications Officer GENEROSO M. ILANO Auditor JOSE RIZAL (1861-1896) THE FIRST FILIPINO A Biography of José Rizal by LEÓN Ma. GUERRERO with an introduction by CARLOS QUI R INO ( Awarded First Prize in the Rizal Biography Contest held under the auspices of the José Rizal National Centennial Commission in 1961) NATIONAL HISTORICAL COMMISSION Manila 1974 First Printing 1963 Second Printing 1965 Third Printing 1969 Fourth Printing 1971 Fifth Printing 1974 This Book is dedicated by the Author to the other Filipinos Speak of me as I am; nothing extenuate, Nor set down aught in malice, Shakespeare: °the/Lo. Paint my picture truly like me, and not flatter me at all ; but...

Words: 203166 - Pages: 813

Premium Essay

Book

...fundamentals of cost accounting fourth edition William N. Lanen Shannon W. anderson Michael W. Maher ® accounting The integrated solutions for Lanen/Anderson/Maher’s Fundamentals of Cost Accounting, 4e have been proven to help you achieve your course goals of improving student readiness, enhancing student engagement, and increasing their comprehension of content. Known for its clear and engaging style, the Lanen solution employs the use of real-world scenarios, LearnSmart, and instant feedback on practice problems to help students engage with course materials, comprehend the content, and achieve higher outcomes in the course. Our new Intelligent Response Technology-based content offers students an intelligent homework experience that helps them stay focused on learning instead of navigating the technology. Finally, McGraw-Hill’s adaptive learning component, LearnSmart, provides assignable modules that help students master core concepts and come to class more prepared. LearnSmart with Lanen is an introductory managerial accounting review, providing students with a refresher on these topics for their cost accounting course. PROVEN EFFECTIVE Get Connected. FEATURES Intelligent Response Technology Intelligent Response Technology (IRT) is Connect Accounting’s new student interface for end-of-chapter assessment content. Intelligent Response Technology provides a general journal application that looks and feels more like what you would find in a general ledger...

Words: 233973 - Pages: 936

Free Essay

Maglev

...*3963103* [3963] – 103 T.E. (Petroleum) (Semester – I) Examination, 2011 DRILLING & PRODUCTION OPERATIONS (2003 Course) Time : 3 Hours Max. Marks : 100 Instructions : 1) Question Nos. 1 and 5 are compulsory. Out of the remaining attempt 2 questions from Section I and 2 questions from Section II. 2) Answers to the two Sections should be written in separate books. 3) Neat diagrams must be drawn wherever necessary. 4) Black figures to the right indicate full marks. 5) Use of Logarithmic Tables, Slide Rule, Mollier Charts, Electronic Pocket Calculator and Steam Tables is allowed. 6) Assume suitable data, if necessary. SECTION – I 1. What are different systems on a drilling rig ? Explain any one in detail with suitable diagramme. 18 2. a) Calculate Bottom hole pressure if well depth is 2500 m and mud weight is 1.2 gm/cc. b) Calculate mud weight if mud gradient is 0.87 psi/ft. ′ c) Calculate volume bbl/meter for drill pipe O.D. = 5′ inch and I.D. = 4.276 inch. 2 2 2 10 8 8 16 d) Draw circulation system on a drilling rig. 3. a) Discuss IADC classification of a bit in details. b) Discuss different factors affecting rate of penetration in details. 4. Write short note on : i) Coring ii) Fishing tools iii) BOP iv) Directional well P.T.O. [3963] – 103 -2- *3963103* SECTION – II 5. a) Discuss different types of casings and function of the casings in brief. b) Discuss different types of well completion techniques. 6. a) Discuss primary cementation process with...

Words: 172166 - Pages: 689

Free Essay

Pathfinders Honor Book 2014 (Gc)

...ADRA AC&H AC&H H&S ADRA HA HA H&S OI REC NAT NAT OI VOC VOC SGO&H REC SGO&H pathfinder honor book 2014 revision general conference youth ministries department -1- ADRA AC&H H&S NAT HA OI SGO&H REC VOC pathfinder honor book 2014 revision general conference youth ministries department -3- General Conference Youth Ministries Department Director: Gilbert Cangy General Conference Associate Youth Director/Pathfinder World Director: Jonatan Tejel General Conference Honors Committee: Jonatan Tejel, Chairman Vanessa Correa, Secretary Gennady Kasap: ESD Youth Director Busi Khumalo: SID Youth Director Mark O’Ffill: NAD representative John Sommerfeld: SPD representative Paul Tompkins: TED Youth Director Jobbie Yabut: SSD Youth Director Udolcy Zukowski: SAD Pathfinder Director Copyright © 2014 by the Youth Ministries Department of the Seventh-day Adventist® Church All rights reserved. Published 2014 First edition published 1998. Second edition 2011. Third edition 2014 Rights for publishing this book outside the U.S.A. or in non-English languages are administered by the Youth Ministries Department of the Seventh-day Adventist® Church. For additional information, please visit our website, www.gcyouthministries. org, email youthinfo@gc.adventist.org, or write to Youth Ministries Department, General Conference of Seventh-day Adventists® Church, 12501 Old Columbia Pike, Silver Spring, MD 20904, U.S.A. Cover and inside design by Jonatan Tejel Printed in the United...

Words: 98832 - Pages: 396

Premium Essay

Marketing

...MARKETING 7E People real Choices This page intentionally left blank MARKETING 7E People real Choices Michael R. SAINT JOSEPH S SOLOMON ’ U OLLINS NIVERSITY Greg W. MARSHALL R C OLLEGE Elnora W. THE UNIVERSITY OF SOUTH CAROLINA UPSTATE STUART Prentice Hall Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto Delhi Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo Editorial Director: Sally Yagan Editor in Chief: Eric Svendsen Acquisitions Editor: Melissa Sabella Director of Editorial Services: Ashley Santora Editorial Project Manager: Kierra Bloom Editorial Assistant: Elisabeth Scarpa Director of Marketing: Patrice Lumumba Jones Senior Marketing Manager: Anne Fahlgren Marketing Assistant: Melinda Jensen Senior Managing Editor: Judy Leale Project Manager: Becca Richter Senior Operations Supervisor: Arnold Vila Creative Director: Jon Christiana Senior Art Director: Blair Brown Text and Cover Designer: Blair Brown Media Project Manager, Production: Lisa Rinaldi Media Project Manager, Editorial: Denise Vaughn Full-Service Project Management: S4Carlisle Publishing Services Composition: S4Carlisle Publishing Services Printer/Bindery: Courier/Kendalville Cover Printer: Courier/Kendalville Text Font: Palatino Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Microsoft®...

Words: 160652 - Pages: 643