Assignment #1: JET Copies Case Problem Read the “JET Copies” Case Problem on pages 678-679 of the text. Using simulation estimate the loss of revenue due to copier breakdown for one year, as follows:
- In Excel, use a suitable method for generating the number of days needed to repair the copier, when it is out of service, according to the discrete distribution shown.
- In Excel, use a suitable method for simulating the interval between successive breakdowns, according to the continuous distribution shown.
- In Excel, use a suitable method for simulating the lost revenue for each day the copier is out of service.
- Put all of this together to simulate the lost revenue due to copier breakdowns over 1 year to answer the question asked in the case study.
- In a word processing program, write a brief description/explanation of how you implemented each component of the model. Write 1-2 paragraphs for each component of the model (days-to-repair; interval between breakdowns; lost revenue; putting it together).
- Answer the question posed in the case study. How confident are you that this answer is a good one? What are the limits of the study? Write at least one paragraph.
There are two deliverables for this Case Problem, the Excel spreadsheet and the written description/explanation.