A Machine Is Expected to Use Approximately Three Spare Parts

question 27

Essay

A machine is expected to use approximately three spare parts during its useful life.The spares cost $200 each and have no salvage value or other use.The manager has ordered five spares.Assuming a Poisson usage rate, what range of shortage cost is implied?
Ce = $200
Mean = 3 (Poisson)
Cs = ?
Assuming a Poisson-distributed variable with a mean of 3, if stocking 5 units is optimal, this implies that the optimal service level must be between .815 and .916
Thus,

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Definitions:

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired together; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Social Learning Theory

A theory that posits individuals learn behaviors and attitudes through observing others and modeling their actions.

Bandura

A psychologist known for his work on social learning theory, emphasizing the role of observational learning, imitation, and modeling in behavior.

Aggressive Behavior

Actions intended to harm or cause discomfort to another, often characterized by hostility or violence.