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The probability that equipment used in a hospital lab will need recalibration is given in the following table. A service firm is willing to perform
The probability that equipment used in a hospital lab will need recalibration is given in the following table. A service firm is willing to perform maintenance and do any necessary calibrations for a fee of $ per month. Recalibration costs $ per time. Round the answer of "Expected cost of recalibration" to nearest whole number.
Number of Recalibrations
Probability of Occurrence
Click here for the Excel Data File
Which approach would be most costeffective, recalibration as needed or the service contract?
multiple choice
Recalibration
Service contract
Both methods are the same
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