40. Habard's, a chain of hardware stores, sells a variety of tools and home repair items. One of their best wrenches sells for $5.50. Habard's will include a three-year free replacement warranty for an additional $1.50. The wrench is expected to be sub- ject to heavy use and, based on past experience, will fail randomly at a rate of one every eight years. Is it worth purchasing the warranty?
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- A producer of pocket calculators estimates that the calculators fail at a rate of one every five years. The calculators are sold for $25 each with a one-year free replacement warranty but can be purchased from an unregistered mail-order source for $18.50 without the warranty. What length of period of the warranty equates the replacement costs of the calculator with and without the warranty?A producer of pocket calculators estimates that the calculators fail at a rate of oneevery five years. The calculators are sold for $25 each with a one-year freereplacement warranty but can be purchased from an unregistered mail-ordersource for $18.50 without the warranty. Is it worth purchasing the calculator withthe warranty?A young engineer on active duty with the Air Force discovers that a component used in three aircraft is overdesigned. A special adapter, costing several hundred dollars, is required for every component. The original purpose of the adapter was to permit the component to be used with a certain aircraft, but that aircraft now has been phased out of service. Thus, the adapter is redundant. The engineer tries to get the specification changed to eliminate the adapter, but she is told that the “system” will not permit this. The resourceful engineer then submits the proposal through the suggestion system of the maintenance depot where she is assigned. She receives a phone call from a staff member informing her that as a military officer she cannot receive a monetary award for suggestions. The advice is given that she adds a civil service engineer to the suggestion, and that they agree to split the award. The potential for monetary reward through the suggestion system is rather great, but to do…
- 1. Three hundred identical cathode ray tubes (CRTS) placed into service simultaneously on January 1, 1976, experienced the following numbers of failures through December 31, 1988: 1983 Year Number of failures 1984 1985 1986 1987 1988 13 19 16 34 21 38 Assume that there were no failures before 1983. a. Based on these data, estimate the cumulative distribution function (CDF) of a CRT chosen at random. Using the results of part (a), estimate the probability that a CRT chosen at random 13.1 Reliability of a Single Component 753 b. Lasts more than 5 years. c. Lasts more than 10 years. d. Lasts more than 12 years. e. That has survived for 10 years fails in the 11th year of operation.You offer an extended warranty for your product that is purchased by a few customers. If the product typically fails 2% of the time, A. you should price the warranty at more than 2% of the product price B. you should price the warranty at exactly 2% of the product price C. Cannot tell from this information D. you should price the warranty at less than 2% of the product price7. A piece of equipment has a lifetime T (measured in years) that is a continuous ran- dom variable with cumulative distribution function F(t) = 1 – e/10 – (1/10) e¯/10 for all t> 0. a. What is the probability density function of T? b. What is the probability that a piece of equipment survives more than 20 years? c. What is the probability that a piece of equipment survives more than 10 years but fewer than 20 years? d. What is the probability that a piece of equipment survives more than 20 years given that it has survived for 10 years? 8. For the equipment mentioned in Problem 7, a. Derive the failure rate function r(1), and draw a graph of the function. b. Without using the failure rate function, determine the probability that a piece of equipment that has survived 20 years of operation fails in the 21st year. c. Does r(20) accurately estimate your answer to part (b)? Why or why not?
- For each scenario suggest a control that could be used to reduce the risk. Entering negative values for order quantity in a sales order Selling to a customer with an overdue account Ordering from a non-existent supplier Paying for goods that have not been received Entering an alphanumeric customer ID when the business policy is for numeric customer IDs Misappropriation of goods by receiving staff, who also maintain inventory records Ordering too much of a product 8. You are required to list and explain three advantages of computer-executed control activities compared to manually executed control activities.Grain dust is pound for pound more explosive than coal dust or gunpowder. Ignited by an electrostatic discharge or other cause, it has ripped apart grain silos and has killed or wounded many workers over the years. When 54 people were killed during Christmas week 1977, grain handlers and the U.S. government finally decided to combat dust accumulation.10 Ten years, 59 deaths, and 317 serious injuries later, a compromise standard was agreed on that designates dust accumulation of one-eighth inch or more as dangerous and impermissible in silos in the United States. Nevertheless, on Monday, June 8, 1998, a series of explosions killed seven workers performing routine maintenance at one of the largest grain elevators in the world, demolishing one of the 246 concrete, 120-feet-high silos that stretch over a length of one-half mile in Haysville, Kansas. Discuss grain facility explosions as a case study of workplace safety and rule making: Which ideas concerning acceptable risk apply here? My…Please do not give solution in image format thanku Genjeteye, Inc. makes aircraft engines. The mean time to failure has been found to be 100,000 hours and is exponentially distributed. a) What is the failure rate, A, per hour? b) What is the cumulative probability of failure after 10,000 hours or fewer? Between 10,000 and 15,000 hours? c) If Genjeteye wishes to provide a warranty that no more than 5 percent of the units will fail, how many hours of operation without failure should the company guarantee?
- 28. An expensive piece of equipment is used in the masking operation for semi- conductor manufacture. A capacitor in the equipment fails randomly. The capacitor costs $7.50, but if it burns out while the machine is in use, the production process must be halted. Here the replacement cost is estimated to be $150. Based on past experience, the lifetime distribution of the capacitor is estimated to be Probability of Failure Number of Months of Service 1 .08 2 .12 3 .16 4 .26 5 .22 .16 How often should the capacitors be replaced in order to minimize the expected monthly cost of planned and unplanned replacement?Which of the following internal controls will best detect the theft of valuable itemsfrom an inventory that consists of hundreds of different items selling for $1 to $10 anda few items selling for hundreds of dollars?(1) Maintain a perpetual inventory of only the more valuable items, with frequentperiodic verification of the validity of the perpetual inventory records.(2) Have an independent auditing firm examine and report on management’sassertion about the design and operating effectiveness of the control activitiesrelevant to inventory.(3) Have separate warehouse space for the more valuable items, with sequentiallynumbered tags.(4) Require an authorized officer’s signature on all requisitions for the morevaluable items.Spotlight Video is a premier video rental company in Denver, Colorado, offering the latest selections on DVD, game, and VHS releases. After DVDs and VHS tapes have been viewed a certain number of times, their quality deteriorates to the point that Spotlight Video considers them to be defective. Furthermore, some customers own DVD and VHS players that are defective and can ruin Spotlight Video’s merchandise. Spotlight Video wants to maintain an inventory of DVDs and VHS tapes that are at least 85 percent acceptable, although 95 percent is preferable. However, since it can’t keep customers’ machines from damaging the rentals, Spotlight Video has had to relax its criterion a little. You have been hired to create a spreadsheet that will evaluate each DVD and VHS based on the following criteria: ■ A number of times each title has been rented. ■ A number of defects have been reported. ■ The percent acceptable must be above 85 percent based on usage. If the percentage reported is below…