A factory’s planer department has had a difficult time keeping up with its workload, which has seriously disrupted the production schedule for subsequent operations. At times, the work pours in and a big backlog builds up. Then there might be a long pause when not much comes in, so the planers stand idle part of the time. Three separate proposals have been made to relive the bottleneck in the planer department: (1) obtain one additional planer, (2) eliminate the variability of the interarrival times of the jobs, and (3) reduce the variability of the time required to perform the jobs. Any one or any combination of these proposals can be adopted. With the help of the Queueing Simulator, simulation is to be used to determine what should be done so as to minimize the expected total cost per hour.
Answer to relevant QuestionsA client of a large investment bank is interested in purchasing a European call option for a certain stock that provides him with the right to purchase the stock at a fixed price 12 weeks from today. The client then would ...You need to generate five uniform random numbers. (a) Prepare to do this by using the mixed congruential method to generate a sequence of five random integer numbers between 0 and 31 such that xn+1 ≡ (13xn + 15) (modulo ...Consider the Everglade cash flow problem discussed in this chapter. Suppose that extra cash is kept in an interest-bearing savings account. Assume that any cash left at the end of a year earns 3 percent interest the ...Refer to the scenario described in Prob. 3.4-12 (Chap.3), but ignore the instructions given there. Focus instead on using spreadsheet modeling to address Al Ferris’s problem by doing the following. (a) Visualize where you ...Bill Fredlund, president of Lincoln Log Construction, is considering placing a bid on a building project. Bill has determined that five tasks would need to be performed to carry out the project. Using the PERT three-estimate ...
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