a)
To determine: The reason why managers are forced to use simulation in dealing with the problem of inventory order policy.
Introduction: Simulation is a model that can be used in operations, which would imitate the real world process. Simulation uses random sampling for the generation of realistic variability.
b)
To determine: The reason why managers are forced to use simulation in dealing with the problem of ships docking in a port to unload.
Introduction: Simulation is a model that can be used in operations, which would imitate the real world process. Simulation uses random sampling for the generation of realistic variability.
c)
To determine: The reason why managers are forced to use simulation in dealing with the problem of bank-teller service windows.
Introduction: Simulation is a model that can be used in operations, which would imitate the real world process. Simulation uses random sampling for the generation of realistic variability.
d)
To determine: The reason why managers are forced to use simulation in dealing with the problem of Country U’s economy.
Introduction: Simulation is a model that can be used in operations, which would imitate the real world process. Simulation uses random sampling for the generation of realistic variability.
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Operations Management: Sustainability and Supply Chain Management (12th Edition)
- At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.arrow_forwardIf the forecasted value of the time series variable for one period is 28.5 and the actual value observed for the same period is 32, what is the forecast error for that period? Question 19 options: 3.5 2 -3.5 4arrow_forwardEnrollment in a particular class for the last four semesters has been 122, 128, 100, and 155 (listed from oldest to most recent). The best forecast of enrollment next semester, based on a three-semester moving average, would be: 1) 168.3 2) None of the provided options. 3) 127.7 4) 116.7 5) 135.0arrow_forward
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- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,