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Question: A company has a central document-copying service. Arrivals can be assumed to follow a Poisson process, with a mean rate of 15 per hour. It can be assumed that service times are exponentially distributed. With the present copying equipment, the average service time is 3 min. A new machine can be leased that has a mean service time of 2 min. The average wage of the people who bring the documents to be copied is $8 an hour.
a. If the machine can be leased for $5 per hour more than the old machine, should the company replace the old machine?
b. Suppose that the new machine is leased. How much space (e.g., number of chairs) must be provided for people to wait to guarantee that at least 90% of the time, this space will be sufficient?
Learning contract proposal that will form the basis of your learning contract report.
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You have been appointed by Sony as a consultant on change management. Advise Sony on how they could implement the change by using the various theories of change you have learnt.
The purpose of this project is to help you to gain an understanding of how the stock market works and of the relationship between theory and practice.
Find not only the optimal production quantities, but also the optimal total cost.
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