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 $15 per hour, and it takes an employee an average of six minutes to complete copying. On average, four employees per hour need to use the copying machine. (Assume the copying times and interarrival times to the copying machine are exponentially distributed.) Which machine should the department rent to minimize expected total cost per hour? fxInsertFunctionH3151 Renting a copier23 Inputs (for slow system)4Unit of timeArrival rateService rate21 Cost analysis22 Employee cost/hr23 Rental cost/hour2467& Outputs9 Direct outputs from inputs10 Mean time between arrivals11 Mean time per service12 Traffic intensity1314 Summary measures15 Expected number in system16 Expected number in queue17 Expected time in system18 Expected time in queue19 Percentage who don't wait in queue2025 Waiting cost/hour26 Total Cost/hour272829303132Page LayoutΣ..?AutoSum Recently Financial LogicalUsed3435363738394142434445464748x ✓ fx▶ReadyAP12-10-Slow0P12-10-FastAUG1612FormulasAText=1/85=1/B6=B5/B61515=812/(1-812)-812^2/(1-812)=815/85=B16/85=1-B12-822 111-825 111BP13-32Date &TimehourDatavLookup &Reference="customers/"&unit="customers/"&unitunit&"s"=unit&"s"=unit&"s"=unit&"s"ReviewSummary OutputӨCVMath &TrigViewMoreFunctionscustomerscustomersP13-35+DM08_qa_ColbertSolverTable for MacNameManagerMacBook ProDefine Name vUse in Formula vCreate from SelectionEDistribution of number in system="n (customers)"4Tell me=(1-$B$12) $B$12^E11MATTrace PrecedentsTrace DependentsRemove Arrows ✓FP(n in system)160Show Error WatchFormulas Checking WindowGHDistribution of time in queue="t (in "&unit&"s)"2EShareCalculation CalculateOptions+ 75%Calculate-$B$12*EXP(-$B$6 (1-$B$12) H11)P(wait>t) JAInsertFunction8277& Outputs1 Renting a copier23 Inputs (for slow system)4 Unit of timeS Arrival rateService rate2011 Mean time per service12Traffic intensity1314 Summary measures15 Expected number in system16 Expected number in queue17 Expected time in system21 Cost analysis22 Employee cost/hr23 Rental cost/hour18 Expected time in queue19 Percentage who don't wait in queue202425 Waiting cost/hour26 Total Cost/hour2728293031323334Direct outputs from inputsMean time between arrivals35363738394041AutoSum Recently Financial LogicalUsed42434445x ✓ fxAReadyP12-10-SlowAP12-10-Fast|?|AUG16V2Al154Formulas-1/85-1/86=85/86Text-812/(1-812)=B12^2/(1-812)=815/B5-B16/85=1-B12-822 B6P13-32825+823vBDate &TimehourVDataLookup &Reference="customers/"&unit="customers/"&unitunit&"s"unit&"s"Vunit&"s"unit&"s"Summary OutputReviewelMath &TrigCVP13-35customerscustomersallViewMoreFunctionsV+DMacBook ProM08_qa_ColbertSolverTable for MacNameManagerDefine Name vUse in Formula vCreate from SelectionEDistribution of number in system"n (customers)"4Tell meMAPTrace PrecedentsTrace DependentsFRemove Arrows ✓=(1-$B$12) $B$12^E11Pin in system)+W160Show ErrorFormulas Checking WindowWatchGHDistribution of time in queue="t (in "&unit&"s)"2+CalculationOptions77%Share-$B$12*EXP(-$B$6*(1-$B$12) H11)08CCalcuCalculauPlwait>t)

Employee's time worth (per hour) $15 Need of employees per hour 4 Slow copier Cost of…

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?

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?

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter5: Network Models

Section: Chapter Questions

Problem 1C

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