At AEON food court, customers place their orders and pay before they are served. Customers can pay
Question:
At AEON food court, customers place their orders and pay before they are served. Customers can pay either with card credit or cash and the probability distribution is given in the table type of payment. The probability distribution of the inter-arrival times of customers at the payment counter during lunch hours is estimated in the table inter-arrival times. While, the time taken for card credit and cash payments are estimated as follows table time taken.
By using Microsoft Excel, determine the random number of inter-arrival time, type of payment and payment time for 20 simulations respectively. (Hint: Use 2 digits random number only). Then, find the expected value of inter-arrival time and payment time. Refer Below-
Table1: Type of Payment. Table2: Inter-arrival Time. Table3: Time Taken.
Type of Payment | Probability |
Credit Card | 0.6 |
Cash | 0.4 |
Table 2: Inter arrival time
Inter arrival time (second) | 30 | 40 | 50 | 60 | 70 |
Probability | 0.10 | 0.30 | 0.30 | 0.20 | 0.10 |
Table 3: Time Taken
Credit Card | Cash | ||
Time (second) | Probability | Time (second) | Probability |
30 | 0.10 | 10 | 0.20 |
40 | 0.35 | 20 | 0.40 |
50 | 0.40 | 30 | 0.30 |
60 | 0.15 | 40 | 0.10 |
PLEASE FIND THE RANDOM NUMBER OF INTER ARRIVAL TIME, TYPE OF PAYMENT AND PAYMENT TIME FOR 20 SIMULATION (USER 2 DIGIT RANDOM NUMBER). THEN FIND EXPECTED VALUE OF INTER ARRIVAL TIME AND PAYMENT TIME.
Auditing and Assurance services an integrated approach
ISBN: 978-0132575959
14th Edition
Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley