The number of transactions a customer makes at an ATM is 1 with probability 50%, 2...
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The number of transactions a customer makes at an ATM is 1 with probability 50%, 2 with probability 40% and 3 with probability 10%. The time spent on each transaction is continuous uniform between 1 and 3 minutes. The time for each transaction is independent of the number of transactions, or time spent on other transactions. For a new customer, use the random number 0.673 to determine the number of transactions (order the options in ascending order - e.g. associate random numbers from 0-0.499 with 1 transaction, and so on). Then use as many of the random numbers 0.241, 0.845, 0.924 as you need (in order) to generate random times spent on each transaction. What is the expected time spent at the ATM per customer? The number of transactions a customer makes at an ATM is 1 with probability 50%, 2 with probability 40% and 3 with probability 10%. The time spent on each transaction is continuous uniform between 1 and 3 minutes. The time for each transaction is independent of the number of transactions, or time spent on other transactions. For a new customer, use the random number 0.673 to determine the number of transactions (order the options in ascending order - e.g. associate random numbers from 0-0.499 with 1 transaction, and so on). Then use as many of the random numbers 0.241, 0.845, 0.924 as you need (in order) to generate random times spent on each transaction. What is the expected time spent at the ATM per customer?
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Practical Management Science
ISBN: 978-1305250901
5th edition
Authors: Wayne L. Winston, Christian Albright
Posted Date:
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