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The probability that equipment used in a hospital lab will need recalibration is given in...

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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 maintenance and do any necessary calibrations for a fee of 500 per month Recalibration costs 425 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 Expected cost of recalibration Service contract cost 0 15 1 30 2 30 3 15 4 10 Which approach would be most cost effective recalibration as needed or the service contract O Service contract O Recalibration

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