Operations Research : Applications and Algorithms
4th Edition
ISBN: 9780534380588
Author: Wayne L. Winston
Publisher: Brooks Cole
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Chapter 17.6, Problem 11P
Explanation of Solution
a.
The fraction of all refrigerators we have to replace is obtained using [(l – Q)-1 * R] matrix...
Explanation of Solution
b.
If company continues with the current policy Freezco's annual sale is 10000 refrigerators. Thus, fraction of refrigerators to be replaced is shown below:
0.143 x 10000 = 1430 refrigerators
Cost to replace 1 refrigerator is $500. Thus, cost to replace 1430 refrigerators annually is as follows:
Cost1 = 1430 x 500
= $715000 …(1)
On suggestion to change the replacement policy from 3 to 2 years, his markov chain transition probability matrix is modified accordingly. The changed matrix is given below.
Other matrices also get updated accordingly. Here he states 1, 2, are the transient states and >2, fail are absorbing states. The matrix Q consists of all transient states and R consists of transient to absorbing states. The probability matrix Q comprising of all the transient states is given below.
Here, l is 2 x 2 identity matrix.
The matrix (l – Q) is given below:
Using the excel function MINVERSE (), we can obtain (l – Q)-1 matrix. The function returns the inverse matrix for the matrix stored in an array. Note that the MINVERSE function must be entered with CONTROL + SHIFT + ENTER because it is an array function. The matrix (l – Q)-1 is given below.
The R matrix consists of transient to absorbing states. The Matrix R is given below...
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Al Watan supermarket has hire-purchases scheme for locals and expats. The customers will get the credit facility if they satisfy any of the following conditions:
1- The customer must hold the present job for more than 5 years and reside in the same place at least for 3 years. In this case, the customer will get credit upto rupees 300 omr.
2- The monthly salary of the customer must exceed 1000 omr and must hold the present job for more than 5 years. In this case credit will be given upto rupees 500 omr.
3- The monthly salary must exceed 1000 omr and reside at the same place at least for 3 years. In this case credit will be given upto 500 omr.
4- In the case, the customer?s monthly salary exceeds 1000 omr, holds the present job for more than 5 years and also reside in the same place at least for the 3 years, the credit facility will be upto 1000 omr
5- The credit facility is rejected for all other customers.
Prepare a Decision Table for this hire- purchase scheme.
QUESTION 15
Al Watan supermarket has hire-purchases scheme for locals and expats. The customers will get the credit facility if they satisfy any of the
following conditions:
1. The customer must hold the present job for more than 5 years and reside in the same place at least for 3 years. In this case, the
customer will get credit upto rupees 300 omr.
2. The monthly salary of the customer must exceed 1000 omr and must hold the present job for more than 5 years. In this case credit
will be given upto rupees 500 omr.
3. The monthly salary must exceed 1000 omr and reside at the same place at least for 3 years. In this case credit will be given upto 500
omr.
4. In the case, the customer's monthly salary exceeds 1000 omr, holds the present job for more than 5 years and also reside in the same
place at least for the 3 years, the credit facility will be upto 1000 omr
5. The credit facility is rejected for all other customers.
Prepare a Decision Table for this hire- purchase scheme.
QUESTION 15
Al Watan supermarket has hire-purchases scheme for locals and expats. The customers will get the credit facility if they satisfy any of the
following conditions:
1. The customer must hold the present job for more than 5 years and reside in the same place at least for 3 years. In this case, the
customer will get credit upto rupees 300 omr.
2. The monthly salary of the customer must exceed 1000 omr and must hold the present job for more than 5 years. In this case credit will
be given upto rupees 500 omr.
3. The monthly salary must exceed 1000 omr and reside at the same place at least for 3 years. In this case credit will be given upto 500
omr.
4. In the case, the customer's monthly salary exceeds 1000 omr, holds the present job for more than 5 years and also reside in the same
place at least for the 3 years, the credit facility will be upto 1000 omr
5. The credit facility is rejected for all other customers.
Prepare a Decision Table for this hire- purchase scheme.
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Operations Research : Applications and Algorithms
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