In a Waiting Line Situation, Arrivals Occur at a Rate

question 59

Essay

In a waiting line situation, arrivals occur at a rate of 2 per minute, and the service times average 18 seconds. Assume the Poisson and exponential distributions.
a.What is λ?
b.What is μ?
c.Find probability of no units in the system.
d.Find average number of units in the system.
e.Find average time in the waiting line.
f. Find average time in the system.
g. Find probability that there is one person waiting.
h. Find probability an arrival will have to wait.

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Definitions:

Profitability Ratios

Financial metrics used to evaluate a company's ability to generate profit relative to its revenue, assets, equity, or other financial balances.

Enterprise

A business or company organization, including both for-profit and non-profit activities.

Financial Statements

Formal records that outline the financial activities and condition of a business, including balance sheet, income statement, and cash flow statement.

Common Size Analysis

An accounting method that expresses each line item on a financial statement as a percentage of a base amount, facilitating comparison across periods and companies.