The Decision Sciences Department is tyring to determine whether to rent a slow or fast copier. The department believes that an employee's time is worth $15/hour. The slow copier rents for $4/hr, and it takes an employee an average of 10 minutes to complete copying. The fast copier rents for $15/hr, and it takes an employee an average of 6 minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine are exponentially distributed.) Which machine should the department rent to minimize expected total cost per hour? Please note this class revolves around Microsoft Excel so the answer I need needs to show the formulas in Excel, along with any corresponding graphs, etc. Thank you in advance!

The Decision Sciences Department is tyring to determine whether to rent a slow or fast copier. The department believes that an employee's time is worth $15/hour. The slow copier rents for $4/hr, and it takes an employee an average of 10 minutes to complete copying. The fast copier rents for $15/hr, and it takes an employee an average of 6 minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine are exponentially distributed.) Which machine should the department rent to minimize expected total cost per hour? Please note this class revolves around Microsoft Excel so the answer I need needs to show the formulas in Excel, along with any corresponding graphs, etc. Thank you in advance!

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter11: Simulation Models

Section: Chapter Questions

Problem 68P

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Solve the question below using the attached excel templates with formulas for renting both slow and fast copies (labeled in the excel tabs). Question: The Decision Sciences Department is trying to determine whether to rent a slow or a fast copier. The department believes that an employee’s time is worth $15 per hour. The slow copier rents for $4 per hour, and it takes an employee an average of 10 minutes to complete copying. The fast copier rents for $15 per hour, and it takes an employee an average of six minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine are exponentially distributed.) Which machine should the department rent to minimize expected total cost per hour?
The Decision Sciences Department is trying todetermine whether to rent a slow or a fast copier. Thedepartment believes that an employee’s time is worth $15per hour. The slow copier rents for $4 per hour and it takesan employee an average of 10 minutes to complete copying(exponentially distributed). The fast copier rents for $15 perhour and it takes an employee an average of 6 minutes tocomplete copying. An average of 4 employees per hour needto use the copying machine (interarrival times areexponential). Which machine should the department rent?
The Decision Sciences Department is trying todetermine whether to rent a slow or a fast copier. Thedepartment believes that an employee’s time is worth$15 per hour. The slow copier rents for $4 per hour,and it takes an employee an average of 10 minutes tocomplete copying. The fast copier rents for $15 per hour,and it takes an employee an average of six minutes tocomplete copying. On average, four employees per hourneed to use the copying machine. (Assume the copyingtimes and interarrival times to the copying machineare exponentially distributed.) Which machine shouldthe department rent to minimize expected total cost perhour?
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The Decision Sciences Department is trying to determine whether to rent a slow or a fast copier. The department believes that an employee’s time is worth $15 per hour. The slow copier rents for $4 per hour, and it takes an employee an average of 10 minutes to complete copying. The fast copier rents for $15 per hour, and it takes an employee an average of six minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine are exponentially distributed.) Which machine shouldthe department rent to minimize expected total cost per hour?
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