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Words 361

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III Taylor, B. W. (2011). Introduction to Management Science. Upper Saddle River: Prentice Hall.

Assignment Week 3

Samuel Leonard Blake

Introduction to 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 confidence level is very solid, in the fact that a backup copier is a wise investment given the information supplied by the simulation and the side bar information provided by the Deans office from employees that use the copier.

Limits of the Study

There was no SWOT analysis done prior to the purchase, and the JET executives how no concrete information accept for what they gathered from the Dean’s office and their own experiences concerning the copier and the intended consumer need.

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