A waiting-line problem that cannot be modelled by standard distributions has been simulated.The table below shows the result of a Monte Carlo simulation.(Assume that the simulation began at 8:00 a.m.and there is only one server.
a.What is the average waiting time in line?
b.What is the average time in the system?
Definitions:
Revenue Variance
The difference between the actual revenue earned and the expected or budgeted revenue.
Fixed Costs
Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and insurance.
Variable Costs
Expenses that fluctuate in direct proportion to the production or sales volume, for instance, direct labor and raw materials.
Budgeting
The process of creating a plan to spend your money, allocating financial resources for various purposes over a specified period.
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