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Homework answers / question archive / Edward Owen is responsible for the maintenance, rental, and day-to-day operation of several large apartment complexes on the upper east side of New York City
Edward Owen is responsible for the maintenance, rental, and day-to-day operation of several large apartment complexes on the upper east side of New York City. Owen is especially concerned about the cost projections for replacing air conditioner (A/C) compressors. He would like to simulate the number of A/C failures in 12 month period (One year). Using data from similar apartment buildings he manages in a New York City suburb, Clark establishes the probability of failures during a month as in Table 1.
We would like to simulate Owen's monthly A/C failures for a period of a 12-month period.
Which probability distribution should be used in the first replication (12-month simulation) to simulate the number of A/C failures in 12 month period?
