A building contains 1000 light bulbs. Each bulb lasts at mos…
A building contains 1000 light bulbs. Each bulb lasts at most 5 months. The company maintaining the building is trying to decide whether it is worthwhile to practice a group replacement policy where all bulbs are replaced every T months (T is yet to be determined). Also bulbs are replaced as they burn out. Assume that it costs $0.05 to replace a bulb during a group replacement and $0.20 to replace each burned-out if it is replaced individually. How would you use simulation to determine whether a group replacement policy is worthwhile?
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