Posted: April 7th, 2015
Week 6 HW
Please answer the following questions. Each answer should be at least 100 words
Use this as at least 1 of the references:
Evans, J. R. (2013). Statistics, data analysis, and decision modeling (5th ed.). Upper Saddle River, NJ: Prentice Hall.
Question 1
Describe the types of decisions that do not involve uncertainty and risk and common approaches used for analyzing them.
Question 2
Explain how payback period, NPV, and IRR criteria are used in decision making.
Question 3
Explain the components of a decision tree and how optimal decisions are computed.
Question 4
Describe the three elements that all queuing systems have in common.
Question 5
List and define the major types of performance measures used in queuing analysis.
PS6
Suppose that the service rate to a waiting line system is 10 customers per hour (exponentially distributed). Analyze how the average waiting time is expected to change as the arrival rate varies from two to ten customers per hour (exponentially distributed).
Question 1 of 4
What is the Average waiting time in queue with Lambda = 2 & Mu = 10.00 ?
A.0.03
B.2
C.3
D.6
Question 2 of 4
What is the Average waiting time in queue with Lambda = 4 & Mu = 10.00 ?
A.0.07
B.99.0
C.0.005
D.1.0
Question 3 of 4
What is the Average waiting time in queue with Lambda = 6 & Mu = 10.00 ?
A.0.0225
B.0.15
C.30.0
D.55.5
Question 4 of 4
What is the Average waiting time in queue with Lambda = 8 & Mu = 10.00 ?
A.0.369
B.5.36
C.1.02
D.0.40
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