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43. The daily demand for a spare engine part is a random variable with a distribution, based on past experience, given by Number of Demands per Day Probability .21 38 .19 1 2 3 .14 4 .08 The part is expected to be obsolete after 400 days. Assume that demands from one day to the next are independent. The parts cost $1,500 each when acquired in advance of the 400-day period and $5,000 each when purchased on an emergency basis during the 400-day period. Holding costs for unused parts are based on a daily interest rate of 0.08 percent. Unused parts can be scrapped for 10 percent of their purchase price. How many parts should be acquired in advance of the 400-day period? (Hint: Let D1, D2, . . , D400 represent the daily demand for the part. Assume each D; has mean µ and variance o². The central limit theorem says that the total demand for the 400-day period, ED;, is approximately normally distributed with mean 400µ and variance 400o².) ....

43. The daily demand for a spare engine part is a random variable with a distribution, based on past experience, given by Number of Demands per Day Probability .21 38 .19 1 2 3 .14 4 .08 The part is expected to be obsolete after 400 days. Assume that demands from one day to the next are independent. The parts cost $1,500 each when acquired in advance of the 400-day period and $5,000 each when purchased on an emergency basis during the 400-day period. Holding costs for unused parts are based on a daily interest rate of 0.08 percent. Unused parts can be scrapped for 10 percent of their purchase price. How many parts should be acquired in advance of the 400-day period? (Hint: Let D1, D2, . . , D400 represent the daily demand for the part. Assume each D; has mean µ and variance o². The central limit theorem says that the total demand for the 400-day period, ED;, is approximately normally distributed with mean 400µ and variance 400o².) ....

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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43. The daily demand for a spare engine part is a random variable with a distribution, based on past experience, given by Number of Demands per Day Probability .21 38 .19 1 2 3 .14 4 .08 The part is expected to be obsolete after 400 days. Assume that demands from one day to the next are independent. The parts cost $1,500 each when acquired in advance of the 400-day period and $5,000 each when purchased on an emergency basis during the 400-day period. Holding costs for unused parts are based on a daily interest rate of 0.08 percent. Unused parts can be scrapped for 10 percent of their purchase price. How many parts should be acquired in advance of the 400-day period? (Hint: Let D1, D2, . . , D400 represent the daily demand for the part. Assume each D; has mean µ and variance o². The central limit theorem says that the total demand for the 400-day period, ED;, is approximately normally distributed with mean 400µ and variance 400o².) ....
Transcribed Image Text:43. The daily demand for a spare engine part is a random variable with a distribution, based on past experience, given by Number of Demands per Day Probability .21 38 .19 1 2 3 .14 4 .08 The part is expected to be obsolete after 400 days. Assume that demands from one day to the next are independent. The parts cost $1,500 each when acquired in advance of the 400-day period and $5,000 each when purchased on an emergency basis during the 400-day period. Holding costs for unused parts are based on a daily interest rate of 0.08 percent. Unused parts can be scrapped for 10 percent of their purchase price. How many parts should be acquired in advance of the 400-day period? (Hint: Let D1, D2, . . , D400 represent the daily demand for the part. Assume each D; has mean µ and variance o². The central limit theorem says that the total demand for the 400-day period, ED;, is approximately normally distributed with mean 400µ and variance 400o².) ....
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