Which of the two machines, if any, do you recommend by using: 1. Repeatability assumption 2. Coterminated assumption with a study period of 7 years. |
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- Your boss has told you to evaluate two ovens forTink-the-Tinkers, a gourmet sandwich shop. After some questioningof vendors and receipt of specifications, you are assuredthat the ovens have the attributes and costs shown in the followingtable. The following two assumptions are appropriate:1. The life of each machine is 5 years.2. The company thinks it knows how to make 14% on investmentsno more risky than this one.a) Determine via the present value method which machine to tellyour boss to purchase.b) What assumption are you making about the ovens?c) What assumptions are you making in your methodology?As part of an insurance company’s training program, participants learn how to conduct an analysis of clients’ insurability. The goal is to have participants achieve a time in the range of 30 to 45minutes. Test results for three participants were: Armand, a mean of 38 minutes and a standarddeviation of 3 minutes; Jerry, a mean of 37 minutes and a standard deviation of 2.5 minutes; andMelissa, a mean of 37.5 minutes and a standard deviation of 1.8 minutes.a. Which of the participants would you judge to be capable? Explain.b. Can the value of the Cpk exceed the value of Cp for a given participant? Explain.Reinventing the Wheel at Apex Door CompanyJim Delaney, president of Apex Door, has a problem. No matter how often he tells his employees how to do their jobs, they invariably “decide to do it their way,” as he puts it, and arguments ensue between Jim, the employee, and the employee’s supervisor. One example is the door design department, where the designers are expected to work with the architects to design doors that meet the specifications. While it’s not ‘rocket science,’ as Jim puts it, the designers invariably make mistakes-such as designing in too much steel, a problem that can cost Apex tens of thousands of wasted dollars, once you consider the number of doors in, say, a 30-story office tower.The order processing department is another example. Jim has a very specific and detailed way he wants the order written up, but most of the order clerks don’t understand how to actually use the multipage order form. They simply improvise when it comes to a detailed question such as whether…
- Marco, a plumbing, heating and AC company located in California, has a simple butpowerful product strategy: ‘Solve the customer’s problem no matter what, solve theproblem when the customer needs it solved, and make sure the customer feels goodwhen you leave’. The company guaranteed, same day service for customers requiringit. The company provides 24 x 7 services at no extra charge for customers whose ACdies in hot summer Sunday or whose toilet overflows at 2.30 AM. The companyguarantees the price of a job to the penny before the work begins. Whereas mostcompetitors guarantee their work for 30 days, Marco guarantees all parts and labourfor one year. The company assesses no travel charges as “it’s not fair to charge customers for driving out.” The company owner says: “We are in an industry thatdoesn’t have best reputation. If we start making money our main goal, we are introuble. So I stress customer satisfaction; money is a by-product.”The company uses hiring, ongoing training and…. Marco, a plumbing, heating and AC company located in California, has a simple butpowerful product strategy: ‘Solve the customer’s problem no matter what, solve theproblem when the customer needs it solved, and make sure the customer feels goodwhen you leave’. The company guaranteed, same day service for customers requiringit. The company provides 24 x 7 services at no extra charge for customers whose ACdies in hot summer Sunday or whose toilet overflows at 2.30 AM. The companyguarantees the price of a job to the penny before the work begins. Whereas mostcompetitors guarantee their work for 30 days, Marco guarantees all parts and labourfor one year. The company assesses no travel charges as “it’s not fair to charge customers for driving out.” The company owner says: “We are in an industry thatdoesn’t have best reputation. If we start making money our main goal, we are introuble. So I stress customer satisfaction; money is a by-product.”The company uses hiring, ongoing training and…Month # MachineHours (X) MaintenanceCosts (Y) Jan 3,000 $440 Feb 4,500 $690 Mar 8,000 $510 Apr 7,000 $600 May 6,000 $550 Jun 9,000 $980 Jul 3,500 $840 Aug 5,500 $600 What does the slope represent? the rate at which the X variable changes as a result of the Y variable the rate at which the Y variable changes as a result of the X variable the rate at which the independent variable changes as a result of changes in the dependent variable the rate at which the dependent variable changes as a result of the fixed cost component
- Assume Bristol-Myers Squibb is faced with one source of business risk as worker's injury. The probability of worker injury is 0.09 and when the accident (injury) happens, the losses from a worker's injury has medical expenses of $8,000 and lost pay expenses of $90,000. What is the expected loss per worker? A-- $8,820 B-- $7,056 C-- none of the answers is correct D-- $7,417 E-- $17,640A manager is going to purchase new processing equipment and must decide on the number ofspare parts to order with the new equipment. The spares cost $200 each, and any unused spareswill have an expected salvage value of $50 each. The probability of usage can be described by thisdistribution:Number 0 1 2 3Probability .10 .50 .25 .15If a part fails and a spare is not available, two days will be needed to obtain a replacementand install it. The cost for idle equipment is $500 per day. What quantity of spares should beordered?a. Use the ratio method.b. Use the tabular method (see Table 13.3).A manufacturer of disk drives for notebook computerswants an MTBF of at least 50,000 hours. Recent test results forI 0 units were one failure at 10,000 hours, another at 25,000 hours,and two more at 45,000 hours. The remaining units were still runningat 60,000 hours. Determine the following:a) Percentage of fa iluresb) N umber of fai lures per unit-hour of operating timec) MTBF at this point in the testing
- A typical retail transaction consists of several smaller steps, which can be considered components subject to failure. A list of such components might include: Let the eight probabilities of success be .92, .94, .99, .99, .98, .97,.95, and .96. What is the reliability of the system; that is, the probabilitythat there will be a satisfied customer? If you were the storemanager, what do you think should be an acceptable value forthis probability? Which components would be good candidatesfor backup, which for redesign?Which one of the following is not included om the primary function of a plant maintenance? a. selling of old machineries. b. maintenance of existing plant and equipment. c. alterations to existing equipment and buildings. d. equipment inspection and lubrication.Pendryl Office Supplies is evaluating the profitability of leasing a photocopier for its customers to use on a self serve basis at 10 cents/copy. The copier may be leased for $300 per month plus 1.5 cents per copy on a full service contract. Pendryl can purchase paper at $5 per 500 sheet ream. Toner costs $100 per bottle, which in normal use will last for 5000 pages. Pendryl thinks that there are additional other costs of 0.5 cents per copy. A. How many copies per month must be sold in order to break even? (6000 copies/month) B. What will be the increase in monthly profit for each 1000 copies sold above the break-even point? ($50 per month)
