Answered: Two difficulties that might be…

Business

Operations Management

Two difficulties that might be described using simulation models

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Similar questions

You are the Laboratory manager of a medium sized 120-bed hospital, and you are called to a hospital leadership meeting by the CEO of the facility. You are told that the hospital is having problems meeting some debt responsibility and there is possibility that a budgetary cutback will be needed to alleviate the situation. Each departmental management is being given one week to plan how to accomplish a cost reduction of 10% within his/her department. Should it become necessary. You are also told that this situation is highly confidential because it is not yet known whether the cost reduction will be needed. Issues and Questions to Consider: 1.Identify the steps in developing short0term goals to address the potential reduction in resources described above 2.What type of information will you need to gather to assess your current state and develop a plan?
A new electric power generation plant is expected to cost $42,000,000 to complete. The revenues generated by the new plant are expected to be $3,875,000 per year, while operational expenses are estimated to be $2,000,000 per year. The plant will last 40 years, and the electric authority uses a 3% interest rate. Determine if the plant will be able to recover its investment using the following methods: a. IRR (show your solution for interpolation; use 5 decimal places for the interpolation procedure) b. Payback period
$4.00 in 1911 would be equivalent to ~$125.00 in 2023. If a person in 2023 earned $125 per week (52 weeks in a year), then how much would they earn for their annual income?
Explain what does the simulation technique involves ?
Safer investments will generally: a.Deliver consistently higher returns b.Generate much better risk-adjusted returns c.Produce less predictable returns d.Have less variability of projected returns
How do non-linear system models differ from linear models, and what are the challenges associated with analyzing and controlling them?
eBook Problem 15-27 (Algorithmic) Gubser Welding, Inc., operates a welding service for construction and automotive repair jobs. Assume that the arrival of jobs at the company's office can be described by a Poisson probability distribution with an arrival rate of four jobs per 8-hour day. The time required to complete the jobs follows a normal probability distribution, with a mean time of 1.4 hours and a standard deviation of 1 hour. Answer the following questions, assuming that Gubser uses one welder to complete all jobs: a. What is the mean arrival rate in jobs per hour? If required, round your answer to two decimal places. per hour b. What is the mean service rate in jobs per hour? If required, round your answer to four decimal places. per hour c. What is the average number of jobs waiting for service? If required, round your answer to three decimal places.
Consider the below scenario: Caribbean Energy (CE) has recently taken over a fuel supply plant which is in close proximity to one of its competitors. The collection point for both fuel companies is located at the same seaport. The general manager of CE intends to hire a consultant to train CE’s employees regarding the new procedures for affixing the fuel lines at the collection point to the high-capacity storage tanks. The Safety Officer is debating whether the competitor should be invited to attend, given that they use the same seaport, as well as, mandating that all non-technical staff be in attendance at the training. The General Manager (GM) is mindful of the high cost of hiring the consultant and sourcing the equipment to train CE’s employees and is therefore hesitant to invite his competitors. The GM is also aware that there have been no accidents at the port since operations started 10 years ago and might not invite the competitors to participate in the training. The GM…
What are two challenges that simulation models might represent well?
What are the six applications of simulation in business?
What is the role of simulation techniques, such as Monte Carlo simulation, in system modeling, and provide real-world applications.
What are various types of information for decision making does simulation typically provide?