Question: please no psi functions. show formulas and work please. will leave a positive review and upvote if problem is done well. Getting new products manufactured
please no psi functions. show formulas and work please. will leave a positive review and upvote if problem is done well.
Getting new products manufactured abroad and then delivered to their final destination in the USA can be a challenging task. One US Company was tired of getting hit with product delays and associated financial costs/penalties. As a result, they culled through their individual records on (1) their foreign manufacturer, (2) their international delivery company, and (3) their domestic delivery company. All three had contributed to product delays at various times in the past. After looking at historical data on actual cases, they discovered the following delays had been observed (relative to promised times). MANUFACTURER Delay (Weeks) % of Cases 0 0.75 1 2 0.05 3 0.02 4 0.02 5 0.01 6 0.01 0.14 DOMESTIC DELIVERY Delay (Days) % of Cases 0 0.70 1 0.14 2 0.09 3 0.07 INTERNATIONAL DELIVERY Delay (Days) % of Cases 0 0.60 1 0.09 2 0.08 3 0.06 4 0.06 5 0.06 6 0.05 WNIO After looking at historical data on actual cases, they discovered the following cost/financial penalty had been observed (5/day). Obviously, longer delays are increasingly unfavorable, as reflected in the following escalating S-penalty structure. Delay (Days) 0 1 5 10 15 20 25 30 35 40 45 50 $ Penalty/Day 0 500 550 600 650 700 750 800 850 900 950 1000 For example, a delay of 6 days incurs a$3,300 penalty, while a delay of 36 days incurs a $30,500 penalty. For each simulated event, generate a unique random #. And, assume 1 Week = 1 Calendar Week 7 days), not 1 Business Week (5 days). a) (5 pts) What is the expected (i.e., average) total delay, in days, for a new product? b) (5 pts) What is the probability that a new product's total delay is at least 1 day? C) (5 pts) What is the probability that a new product's total delay is at least 5 days? d) (5 pts) What is the probability that a new product's total delay is at least 15 days? e) (5 pts) What is the expected i.e., average) cost/financial penalty for product delays