1. Give 2 examples of over processing (waste)? 2 examples of over processing (waste) as follows: 2. What are the limitations of a Simulation model? Mention at least two limitations Limitations of a simulation model|
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- true or false 7. The expected utility implies that the decision maker regards this option as being equivalent to a lottery offering a same chance of the best/best outcome (and a complementary probability of the worst/worst outcome)Problem3: Optimizing Manufacturing Production Line Scenario: You are a manufacturing manager responsible for a production line that assembles and packages electronic devices. The goal is to optimize the production process to increase throughput, reduce cycle times, minimize bottlenecks, and ensure efficient resource utilization. Explain the steps to build simulation model using Arena.What are the 7 steps to performed in simulation to analyze the problem?
- What does the worst-case scenario simulation model tell you that Monte Carlo simulation does not? Why might this be important?Why is simulation often called a technique of last resort?A machine can be purchased at t = 0 for $20,000. The estimated life is 5 years, with an estimated salvage value of zero at that time. The average annual operating and maintenance expenses are expected to be $5,500. If MARR = 10%, what must the average annual revenues be in order to be indifferent between (a) purchasing the machine or (b) doing nothing?