A Distribution of Service Times at a Waiting Line Shows

question 71

Essay

A distribution of service times at a waiting line shows that service takes 6 minutes 40% of the time, 7 minutes 30% of the time, 8 minutes 20% of the time, and 9 minutes 10% of the time. Prepare the probability distribution, the cumulative probability distribution, and the random number intervals for this problem.

---

Definitions:

Decision Rule

A guideline or criterion that aids in making choices between alternative courses of action.

Net Present Value (NPV)

A financial metric that calculates the difference between the present value of cash inflows and outflows over a period, used for assessing profitability of investments.

Initial Cash Flow

The first inflow or outflow of cash for a project or investment, marking the start of its financial analysis.

Investment Acceptance

It involves the decision-making process regarding whether to pursue or decline a particular investment opportunity based on criteria like expected returns, risk assessment, and alignment with investment strategy.