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Static budgets:
I. Are based on specific volumes of products
II. May hide variances caused by operational inefficiencies
III. Do not include fixed costs
Negative Exponential Distribution
A probability distribution used to model time between events in a Poisson process, indicating a constant rate of occurrence.
Average Arrival Rate
A metric used to measure the rate at which entities (customers, goods, etc.) arrive at a facility or system over a specified period.
Average Service Rate
The average number of customers or units that can be processed over a certain time frame in a service system.
Expected to Stay
An estimation of the duration or likelihood that an individual or item remains in a particular state or location.
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