This website uses cookies to ensure you have the best experience. Learn more

Mat 540: Jet Copies Case Study

1220 words - 5 pages

JET Copies: The Decision to Purchase a Backup Copier

Businesses are continually faced with difficult and challenging decisions, especially those regarding revenue and whether or not to spend money on situations that may or may not occur, based on speculation or perception. There may be several techniques a business can employ to analyze if perceived investments will produce a desired return and subsequently, profit. Simulation is an analytical process that supports business planning objectives. By utilizing models to support this process, business leaders and managers can forecast potential expenditures and better prepare for roadblocks that can serve as organizational ...view middle of the document...

20 for day 1, .20 + .45 for day 2, .65 + .25 for day 3, and .90 + .10 for day 4. This information will then be identified in a table to be used as input to the actual simulation. Next, I identified a set of random numbers by utilizing the formula, =RAND() and copied that formula throughout each of the associated cells. Lastly, the formula =VLOOKUP(F12,$B$5:$C$8,2) will compare the random numbers with the cumulative probabilities and generate the repair time (days) values for the simulation. Now, let’s see how I modeled the number of weeks between breakdowns.
To effectively model the time between breakdowns, I turned to James’ estimation of time between 0 to 6 weeks. With this information, I then generated a second set of random numbers, again using the formula =RAND(). Since it was communicated that the probability will increase the longer the copier went without breaking down, I determined that a continuous probability function must be used. I, then, utilized the equation x = 6 times the square root of a random number, or specifically 6*SQRT(C12), for generating the time between breakdowns, given a certain random number. Lastly, I identified the cumulative time (in weeks) between breakdowns by summing the time between each specific breakdown in order to identify the year point (52 weeks), which will play an important role in identifying how much revenue will be lost for that period and help answer the question of whether or not a second copier should be purchased (Taylor III, 2011, pp. 643 - 646).
Calculating lost revenue for each day of this simulation was perhaps the most challenging aspect. JET Copies estimated that they would sell between 2000 and 8000 copies a day at $.10 each. With that, they decided that a uniform probability distribution was best to help estimate the number of copies they would sell each day (Taylor III, 2011, p. 679). To effectively compute loss revenue, I had to compute the probability of copies not sold based on the company’s expected range of 2000 – 8000 each day. This was achieved by setting up a table depicting the cumulative copies sold, using a third set of random numbers and using the formula VLOOKUP(H12,$M$5:$N$11,2). Lastly, by multiplying the number of copies not sold, depicted in each of the cells in column I, by $.10, I concluded that they would lose an estimated $7,700.00 over a 52 week period.
This simulation can be described as a probability distribution based on three sets of random numbers, time between breakdowns, cumulative time of breakdowns, the repair time for each breakdown, number of copies not sold, and lost revenue. It includes both continuous and...

Other Papers Like Mat 540: Jet Copies Case Study

Mat 300 Statictics Bottling Company Case Study

2292 words - 10 pages and the defined variables that comprise any given activity. Procedures capture the if-then logic the expert would use in any given activity. Through a formal knowledge acquisition process that includes identification, conceptualization, formalization, implementation, and testing, expert databases are developed. Interviews, transactional tracking, observation, case study, and self-reporting choices are common means of extracting information from

Jey Copies Essay

647 words - 3 pages JET Copies Patrick Prophet Quantitative Methods – MAT 540 Dr. LaTasha Thompson 10/22/10 1. Write a brief description of how you implemented days-to-repair. When looking at the days it took to repair the copier, all that the JET Company had to go by was the average number of days that it took for the company to repair the copier if it broke down. The average was between 1 and 4 days to have the machine repaired. For this data, a

Jets Copies

880 words - 4 pages Quantitative Methods -MAT 540 JET Copies Case Problem Assignment #1 Days-to-repair Terri was able to gather data from the college which allowed them to develop a table for the probability distribution of the wait for repair services on JET’s copier. To model the probability of wait times in the JET Copies simulation, the JET partners generated a random number representing the probability of an occurrence of a breakdown. They then

Mat540 Week 8 Assignment 1 Case Problem "Julia's Food Booth

1462 words - 6 pages MAT 540 Week 8 Assignment Assignment 1: Assignment 1. Linear Programming Case Study Your instructor will assign a linear programming project for this assignment according to the following specifications. It will be a problem with at least three (3) constraints and at least two (2) decision variables. The problem will be bounded and feasible. It will also have a single optimum solution (in other words, it won’t have alternate optimal solutions

Mat 540 Quiz 4

1901 words - 8 pages Strayer MAT 540 Week 6, Quiz 4 Page 1 of 3 Final Exam Guide less stress, more success Home EXAM Sign In Register Contact Us Quick Search EXAMS >> MAT 540 Week 6, Quiz 4 MAT 540 Week 6, Quiz 4 GO! Related Items MAT 540 Week 1, Quiz 1 MAT 540 Week 3, Quiz 2 MAT 540 Week 5, Quiz 3 MAT 540 Week 9, Quiz 5 $15.00 Be the first to write a review Advanced Search SUBJECTS Qty* ACC BCOM BIS BUS ECO ETH 316 FIN

Jet Copies

908 words - 4 pages . 4. Provide written description and explanation of the simulation. 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. The owners of Jet Copies purchased a copy machine for $18,000 and would like to have an estimate of how much money they might lose if they don’t have a backup copier. I developed a simulation model to find out the estimate for one fiscal

Jet Copier

416 words - 2 pages JET Copier Case Analysis In the case study for Jet copies three students are contemplating the benefits of opening a copy business in their town. They are also trying to decide whether or not it would be a good investment to purchase a second copier, in case their main copy machine breaks down. The students have already purchased an $18000 copier to start their copy business. They are trying to determine if they should get a loan to purchase a

Stateline Shipping

540 words - 3 pages Stateline Shipping and Transport Company Carla Coleman Strayer University MAT 540: Quantitative Method Dr. Luke Howard March 20, 2014 2014 Case Study: Stateline Shipping and Transport Company In this case study, we are introduced to Rachel Sundusky, the manager of the South-Atlantic office of the Stateline Shipping and Transport Company. The information we

Good Knight

4531 words - 19 pages thermistors were available in the market and they often had to get police help to stop them. In any case, the effect of initiation was not substantial. The production process was simple. It started with cutting an easily available special type paper into the size of a mat and impregnating it with the brand name ' GOOD NIGHT'. This job was sub- contracted and Tran Elektra received impregnated mats. The next stage involved adding specified drops of a

Case Jetblue

691 words - 3 pages Case Study JET BLUE 1) Jet Blue, with the motto of Happy Jetting not only fulfills the customers satisfaction rate, it sets the bar high. What do customers want when they fly abroad to another country or from one place to another? Cheap prices, comfortability, and a good service. With todays economy these are hard to offer in the market unless you are willing to pay the price. This is where Jet Blue plays the role.  Jet Blues fuel efficient

Casestudy

6008 words - 25 pages 538,339.54 357,646.87 180,692.67 302,358.50 107,017.22 409,375.72 -53,692.83 -63,209.33 -116,902.16 12. 12. Irregularities In Sales And Cost Of Sales From the case, Mat Jon realized that in the financial statements, the revenues were going down but the cost of sales was steadily climbing up, there seems to be something wrong in it. Although there are competitors like Caltex and Petronas, it is impossible for the revenue to go down so

Related Essays

Jet Blue Case Study

1873 words - 8 pages JetBlue Case Study What does it take to make money in this industry? 
 - High load factor per Available Seat Mile (ASM) - High fuel usage - Low fuel cost - Labor utilization - On-time arrivals - Maximize Revenue per ASM - Reduce Cost per ASM - Minimize DOT (complaints) - Minimize Bags lost - # customer JVD - Be in the top JD Power or other customer surveys/reviews - Maintain a excellent Airline safety record: # of flights/safe

Jet Blue Case Study

2635 words - 11 pages Advanced Human Resources Case Study: Assessment Code: HMP1 Student Name: Mari K. Norris Student ID: 000248937 Date: 5/7/2012 Mentor Name: Brianna Koucos Between 1999 and 2004, I resided in Fairfield, CA and worked at an International Real Estate Company that gave me the opportunity to do a lot of traveling from the Bay Area, all over the US and Internationally. Prior to that, I had done quite a bit of traveling with my Mother

Mat 300 Statistics Bottling Company Case Study

663 words - 3 pages Assignment 1: Bottling Company Case Study MAT 300 Statistics Strayer University December 15, 2013 Calculate the mean, median, and standard deviation for ounces in the bottles. Bottle Number Ounces Bottle Number Ounces Bottle Number Ounces 1 14.5 11 15 21 14.1 2 14.6 12 15.1 22 14.2 3 14.7 13 15 23 14 4 14.8 14 14.4 24 14.9 5 14.9 15 15.8 25 14.7 6 15.3 16 14 26 14.5

System Dynamics In Business Forecasting: A Case Study Of The Commercial Jet Aircraft Industry

5324 words - 22 pages System Dynamics In Business Forecasting: A Case Study of the Commercial Jet Aircraft Industry James M. Lyneis Senior Vice President Pugh-Roberts Associates 41 William Linskey Way Cambridge, MA 02142 May 1998 Abstract Forecasts of demand, revenues, profits, and other performance measures are a common input to managing a business. And while we intellectually appreciate the difficulties with forecasts, the use of assumptions about the future is