question archive Some ex-cons spend the rest of their lives either free, on trial, in jail, or on probation
Some ex-cons spend the rest of their lives either free, on trial, in jail, or on probation
Subject:ManagementPrice: Bought3
Some ex-cons spend the rest of their lives either free, on trial, in jail, or on probation. At the start of each year, statistics show that there is 50% chance that a free ex-con will commit a new crime and go on trial. The judge may send the ex-con to jail with probability .6 or grant probation with probability .4. Once in jail. 10% of ex-cons will be set free for good behavior. Of those who are on probation. 10% commit new crimes and are arraigned for new trials. 50% will go back to finish their sentence for violating probation orders, and 10% will be set free for lack of evidence. Taxpayers underwrite the cost associated with the punishment of the ex-felons. It is estimated that a trial will cost about $5000, an average jail sentence will cost $20,000. and an average probation period will cost $2000. (a) Determine the expected cost per ex-con. (b) How often docs an ex-con return to jail? Go on trial? Be set free? A store sells a special item whose daily demand can be described by the following pdf: The store, using daily review, is comparing two ordering policies: (1) Order up to 3 units if the stock level is less than 2; else do not order. (2) Order 3 units if the stock level is zero: else do not order. The fixed ordering cost per shipment is $300, and the cost of holding excess units per unit per day is $3. Immediate delivery is expected. (a) Which policy should the store adopt to minimize the total expected daily cost of ordering and holding? (b) For the two policies, compare the average number of days between successive inventory depletions.
