A Company Is About to Develop and Then Market a New

question 13

Essay

A company is about to develop and then market a new product. It wants to build a simulation model for the entire process, and one key uncertain input is the development time, which is measured in an integer number of months. For each of the scenarios in the questions below, choose an "appropriate" distribution, together with its parameters, and explain your choice.
-Company experts believe the development time will be from 5 to 9 months. They believe that 7 months is twice as likely as either 6 months or 8 months and that either of these latter possibilities is three times as likely as either 5 months or 9 months.

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Definitions:

Eviction

The legal process through which a tenant is forced to leave the property they are renting.

Interference

In legal contexts, actions that improperly obstruct or prevent an activity or process, such as contract performance or business operations.

Rent

The compensation paid to a landlord for the tenant’s right to possession and exclusive use of the premises.

Possession

The act or state of owning, controlling, or having an item or property in one's physical custody.