Practical Management Science
5th Edition
ISBN: 9781305734845
Author: WINSTON
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 10, Problem 41P
At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is $100, $90, $50, or $10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of $200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration:
- Policy 1: Never replace a machine.
- Policy 2: Immediately replace a bad machine.
- Policy 3: Immediately replace a bad or average machine.
- Policy 4: Immediately replace a bad, average, or good machine.
Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
12
X1, X230
1 x =0x2
write the Following linear Programming model by
1- general Form
Canonical Forms
Canonical formY
2- Standard Form
Max Z=35X+ 4 X 2 +6 X3
ST. X+2X2-5x3 = 40
3X, + 6X2 + 7x 3 = 30
7x, +lox2 x3 = 50
X3 X 2 X 3 <0
a/ a
Minimum cost
assign each worker for one job at
Jobs
J1
12
33
WI
2
4
6
W2
5
W3
5
33
6
7
وبة واضافة هذه القيمة الى القيم
Ex: Assign each job for each worker at minimum total Cost
عمل لكل عامل وبأقل كلفة ممكنة
obs الأعمال
Workors العمال
J1 J2 J3 J4
W₁ 15 13 14 12
W2 11 12 15 13
W3 13 12 10 11
W4 15 17 14 16
Chapter 10 Solutions
Practical Management Science
Ch. 10.2 - Use the RAND function and the Copy command to...Ch. 10.2 - Use Excels functions (not @RISK) to generate 1000...Ch. 10.2 - Use @RISK to draw a uniform distribution from 400...Ch. 10.2 - Use @RISK to draw a normal distribution with mean...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - Use @RISK to draw a binomial distribution that...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - We all hate to keep track of small change. By...Ch. 10.4 - Prob. 11PCh. 10.4 - In August of the current year, a car dealer is...
Ch. 10.4 - Prob. 13PCh. 10.4 - Prob. 14PCh. 10.4 - Prob. 15PCh. 10.5 - If you add several normally distributed random...Ch. 10.5 - In Problem 11 from the previous section, we stated...Ch. 10.5 - Continuing the previous problem, assume, as in...Ch. 10.5 - In Problem 12 of the previous section, suppose...Ch. 10.5 - Use @RISK to analyze the sweatshirt situation in...Ch. 10.5 - Although the normal distribution is a reasonable...Ch. 10.6 - When you use @RISKs correlation feature to...Ch. 10.6 - Prob. 24PCh. 10.6 - Prob. 25PCh. 10.6 - Prob. 28PCh. 10 - Six months before its annual convention, the...Ch. 10 - Prob. 30PCh. 10 - A new edition of a very popular textbook will be...Ch. 10 - Prob. 32PCh. 10 - W. L. Brown, a direct marketer of womens clothing,...Ch. 10 - Prob. 34PCh. 10 - Lemingtons is trying to determine how many Jean...Ch. 10 - Dilberts Department Store is trying to determine...Ch. 10 - It is surprising (but true) that if 23 people are...Ch. 10 - Prob. 40PCh. 10 - At the beginning of each week, a machine is in one...Ch. 10 - Simulation can be used to illustrate a number of...Ch. 10 - Prob. 43PCh. 10 - Prob. 46PCh. 10 - If you want to replicate the results of a...Ch. 10 - Suppose you simulate a gambling situation where...Ch. 10 - Prob. 49PCh. 10 - Big Hit Video must determine how many copies of a...Ch. 10 - Prob. 51PCh. 10 - Prob. 52PCh. 10 - Why is the RISKCORRMAT function necessary? How...Ch. 10 - Consider the claim that normally distributed...Ch. 10 - Prob. 55PCh. 10 - When you use a RISKSIMTABLE function for a...Ch. 10 - Consider a situation where there is a cost that is...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Similar questions
- The average completion time (flow time) for the sequence developed using the FCFS rule = 11.75 days (round your response to two decimal places). The percentage utilization for the sequence developed using the FCFS rule = 42.55 % (enter your response as a percentage rounded to two decimal places). b) Using the SPT (shortest processing time) decision rule for sequencing the jobs, the order is (to resolve a tie, use the order in which the jobs were received): An Alabama lumberyard has four jobs on order, as shown in the following table. Today is day 205 on the yard's schedule. In what sequence would the jobs be ranked according to the decision rules on the left: Job Due Date A 212 B 209 C 208 D 210 Duration (days) 6 3 3 8 Sequence 1 Job B 2 3 4 A D The average tardiness (job lateness) for the sequence developed using the SPT rule = 5.00 days (round your response to two decimal places). The average completion time (flow time) for the sequence developed using the SPT rule = 10.25 days…arrow_forwardWith the aid of examples, fully discuss any five (5) political tactics used in organisations.arrow_forwarda. With the aid of examples, define discrimination. b. Fully discuss any four (4) types of discrimination in the workplacearrow_forward
- Read the Following Extract and Answer the Questions that Follows:The word politics has a somewhat negative connotation. It suggests that someone is attempting touse means or to gain ends that are not sanctioned by the organisation. Political behaviour, as we’vedefined it is quite neutral. Similarly, power is not inherently negative. Whether a person viewspower and politics as unsavoury topics depends on several considerations, most important perhapsbeing where the individual stands on a specific issue in each situation. Nonetheless, most managersare reluctant to admit to political character of their own work settings.Discuss any Five (5) Political tactics you know.arrow_forwardDescribe current features of Cigna Accredo pharmacy own appraisal forms and compare the system used against the textbook’s description of desirable features of appraisal forms. What improvements would you recommend and why?arrow_forwardProvide a recommendation of a combination of different methods of performance data that could be used to arrive at an overall score for each person being rated in cigna Accredo pharmacy. Explain the comprehensive system you have recommended and why you have chosen this combination of tools. Support your answer with research.arrow_forward
- Already got wrong answer Plz Don't use chatgptarrow_forwardThe RTY calculation for the following process steps would be: A ➡ ○ A.YA+YB+YC+YD OB. (YA)(YB)(YCYD) OC. ((YA+YB+YC+YD)/4)*4 ○ D. (1/YA)+(1/YB)+(1/YC)+YD B C Darrow_forwardCan you guys help me with this? 1. What did you learn about the case, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors; Maslow's Hierarchy of needs theories that been applied through the case? Here is the case: Theranos (2003-2018):Overview: Theranos promised to revolutionize blood testing but was exposed formisleading claims about its technology, leading to its collapse 2. What did you learn about the case between Elon Musk and Twitter, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors Theory; Maslow's Hierarchy of needs theories that been applied through the case? 3. What did you learn about the case of Blockbuster's decline and their failure to adapt with digital streaming, the concepts of autocratic leadership; transactional leadership; Herzberg's Two Factors; Maslow's Hierarchy of needs theories that been applied through the case?arrow_forward
- Can you guys help me with this? 1. What did you learn about the case, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors; and Maslow's Hierarchy of needs theories that have been applied through the case? Here is the case: The COVID-19 Pandemic Response (2020-Present): Overview: Global leaders had to navigate an unprecedented health crisis, balancingpublic health needs with economic pressures. 2. What did you learn about the case, the concepts of transformational leadership; transactional leadership; Herzberg's Two Factors Theory; and Maslow's Hierarchy of Needs theories that have been applied through the case? Here's the case: Google Glass (2013):Overview: Google launched its augmented reality glasses with high expectations, butprivacy concerns and limited functionality led to poor adoption 3. What did you learn about the case of Kodak's failure to keep up with digital photography, the concepts of autocratic leadership; transformational…arrow_forwardWith the above information do the following:1. Based on the From-To chart presented develop an ActivityRelationship Chart for this operation.2. Develop a Space-Relationship Diagram for this operation.3. Evaluate the actual layout using the “Distance Traveled byProduct” technique discussed in class (use rectilinear distance inall calculations).4. Develop two layout improvement alternatives.5. Evaluate alternatives using the “Distance Traveled by Product”technique discussed in class (use rectilinear distance in allcalculations).6. Make a layout recommendation based on alternatives evaluatedarrow_forwardProvide at least two examples of layouts strategies for the table attached. We provided an example for office. Office Retail Warehouse (storage) Project (fixed position) Job shop (process oriented) Work cell (product families) Repetitive/Continuous (product oriented)arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Single Exponential Smoothing & Weighted Moving Average Time Series Forecasting; Author: Matt Macarty;https://www.youtube.com/watch?v=IjETktmL4Kg;License: Standard YouTube License, CC-BY
Introduction to Forecasting - with Examples; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=98K7AG32qv8;License: Standard Youtube License