State the three-fold idea behind simulation
What will be an ideal response?
1. to imitate a real-world situation mathematically; 2. then to study its properties and operating characteristics; and 3 . finally, to draw conclusions and make action decisions based on the results of the simulation.
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Anne and Natasha form a partnership. There is no partnership agreement. Anne does twice as much work as Natasha and wants a bigger share of the profits. Which of the following is TRUE?
A) The court will decide the distribution of profits according to the Partnership Act. B) The court will split the profits according to the number of hours each worked C) The court will split the profits equally D) The court will split the profits based on what is fair E) Both A and C
Assume that we are using a waiting line model to analyze the number of service technicians required to maintain machines in a factory. Our goal should be to
A) maximize productivity of the technicians. B) minimize the number of machines needing repair. C) minimize the downtime for individual machines. D) minimize the percent of idle time of the technicians. E) minimize the total cost (cost of maintenance plus cost of downtime).