Scenario E.1 SimQuick Is Being Used to Simulate the Following Bank Process

question 46

Multiple Choice

Scenario E.1
SimQuick is being used to simulate the following bank process:

Customer arrivals at the Entrance Door of the bank with an average time between arrivals of 2.5 minutes. The Line Buffer holds 6 customers. If a customer arrives and the buffer line is filled, the customer leaves. The Work Station Teller's processing time per customer is normally distributed, with a mean of 3.0 minutes and a standard deviation of 0.5 minutes. The Served Customer Buffer in the flow chart is used to count the number of customers processed during the period simulated. A 2-hour period was simulated.
The SimQuick simulation is run, and the results are as follows:

-Use the information in Scenario E.1. Approximately what percentage of total customers who arrived during the 2-hour period found the buffer full and were not able to enter?

• A) 87%
• B) 13%
• C) 94%
• D) 6%

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Definitions:

Risky Asset

An asset that carries a significant degree of risk of losing value, but also offers the potential for higher returns as compared to safer investments.

Rate of Return

The increase or decrease in the value of an investment during a set timeframe, represented as a percentage of the investment's starting price.

Indifference Curves

Graphical representations used in microeconomics to illustrate different combinations of two goods that provide the same level of utility or satisfaction to a consumer.

Standard Deviation

A statistical measure of the dispersion or variability of a set of numbers, indicating how spread out the numbers are from the mean.