Week 07-08, Team Case Analysis - Performance Lawn Equipment - Chapter 12 Due Date: Sunday, March 01, 2020 at 11:55 PM EXTENDED to Sunday, March 08, 2020 because Spring Break. Dear International Business Operations Analysis Students: Please read the following Data Analytics for Business case assigned for this Learning Week and please analyze and answer the Assignment(s) requested in this Case Analysis. Assignment: In one of PLE's manufacturing facilities, a drill press that has three drill bits is used to fabricate metal parts. Drill bits break occasionally and need to be replaced. The present policy is to replace a drill bit when it breaks or can no longer be used. The operations manager is considering a different policy in which all three drill bits are replaced when any one bit breaks or needs replacement. The rationale is that this would reduce downtime. It costs $200 each time the drill press must be shut down. A drill bit costs $85, and the variable cost of replacing a drill bit is $15 per bit. The company that supplies the drill bits has historical evidence that the reliability of a single drill bit is described by a Poisson probability distribution with the mean number of failures per hour equal to 1=0.01.=0.01. Thus, the time between failures is an exponential distribution with mean u=1/)=1/0.01=100 hours.=1/)=1/0.01=100 hours. The operations manager at PLE would like to compare the cost of the two replacement policies. Develop spreadsheet simulation models to determine the total cost for each policy over 1,000 hours and make a recommendation. An important aspect of business analytics is good communication. Summarize your findings and write up your answers to this case formally in a well-written report as if you were a consultant to Ms. Burke. Please develop YOUR OWN TEAM Business Analytics EXCEL model(s) to support all your answers and analyses and post this(these) file(s) in addition to your Case Analysis Performance Lawn