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:

Heuristics

Simple, efficient rules or methods that people often use to form judgments and make decisions, based on limited information.

Utility-Maximizing

A principle or approach in economics that suggests individuals allocate their resources in a way that maximizes their satisfaction or utility.

Heuristics

Mental shortcuts or rules of thumb that simplify decision-making processes, often at the cost of perfect accuracy or thoroughness.

Self-Serving Bias

A common tendency for individuals to attribute their successes to internal factors while attributing failures to external factors.