A local museum generalizes its inventory in terms of investe…
A local museum generalizes its inventory in terms of invested value. Because of the museums physical size and the desire to rotate items to create limited time events they only ever display a small portion of their total collection. During a recent exhibit, the museum estimates that it displayed approximately $33.42 million worth of its own collection for visitors to enjoy and augmented that with collection on loan from another museum that was valued to $45 million. The museums total collection is values to approximately $294 million. What was the utilization of the museum’s collection during the recent exhibit? (Inter you answer as a percentage to 1 decimal place ie..8.2% not 0.082)
Read DetailsA casino employs a technician to repair slot machines that b…
A casino employs a technician to repair slot machines that break down at an average of 6 machines per day (Poisson in nature). The casino operates 2000 slot machines on the casino floor. The technician can service an average of 9 machines per day, with a repair time distribution that approximates an exponential distribution. The technician’s cost is approximately $150 per day, while the cost associated with lost productivity from each machine breakdown is estimated at $120 per machine per day (or any fraction thereof). If the casino hired a second technician at the same cost as the first what would be the cost savings (i.e. the change in the sum of lost productivity cost plus service cost)?
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