Waiting Line Models Typically Assume That Service Times Are Represented

question 103

Multiple Choice

Waiting line models typically assume that service times are represented by what distribution?

• A) Poisson
• B) normal
• C) Weibull
• D) exponential
• E) hypergeometric

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Definitions:

Productive Efficiency

A situation in which an economy or entity is producing goods and services at the lowest possible cost, utilizing all its resources efficiently.

Allocative Efficiency

A state of resource allocation where goods and services are distributed according to consumer preferences, with each good produced up to the point where the last unit provides a level of utility equal to its cost of production.

Productive Efficiency

A situation where goods and services are produced at the lowest possible cost and resources are utilized optimally.

Cost Minimization

A strategy employed by businesses to reduce production or operational costs to the lowest possible level without sacrificing quality or output.