Explain discrete-event simulation, Managerial Economics

Assignment Help:

Q. Explain Discrete-event simulation?

Discrete-event simulation: Operation of a system is signified as a chronological sequence of events. Every event take place at an instant in time and marks a change of state in the system. For illustration, if an elevator is simulated, an event can be "level 6 button pressed", with the resulting system state of "lift moving" and ultimately (unless one chooses to simulate the failure of the lift) "lift at level 6".

A common exercise in learning how to build discrete-event simulations is to model a queue, like customers arriving at a bank to be served by a teller. In this instance, system entities are CUSTOMER-QUEUE and TELLERS. System events are CUSTOMER-ARRIVAL and CUSTOMER-DEPARTURE. (Event of TELLER-BEGINS-SERVICE can be part of the logic of the arrival and departure events.) The system states, which are changed by these events, are NUMBER-OF-CUSTOMERS-IN-THE-QUEUE (an integer from 0 to n) and TELLER-STATUS (busy or idle). The random variables which need to be characterised to model this system stochastically are CUSTOMER-INTERARRIVAL-TIME as well as TELLER-SERVICE-TIME.


Related Discussions:- Explain discrete-event simulation

Real rigidities, Real Rigidities The New Keynesian economists  rely bo...

Real Rigidities The New Keynesian economists  rely both on nominal and real rigidities to  arrive at their conclusion that nominal changes in money  supply have real, and not

The contributor of economics, who are the contributors in economics and wha...

who are the contributors in economics and what they contribute in economics

Relevance of the law of diminishing returns, Relevance of The Law of Dimini...

Relevance of The Law of Diminishing Returns The law of diminishing returns is important in that it is seen to operate in practical situations where its conditions are fulfille

Explain the shut down point, Q. Explain the Shut down point? ShutdownP...

Q. Explain the Shut down point? ShutdownPoint: With MR = MC, firm attains equilibrium at point E where it produces OM amount of the output. To produce this output, firm incur

Sat scores, 100 schools are given exactly one million dollars each in grant...

100 schools are given exactly one million dollars each in grant money. They can spend the money on any or all of three programs: math tutoring (math), kickball lessons (kickball),

Price rise in future must not be expected - law of demand, Price rise in fu...

Price rise in future must not be expected - law of demand If the buyers of a commodity expect that its price will increase in future they raise its demand in response to an in

What is the economic role of government, Q. What is the economic role of go...

Q. What is the economic role of government? What are the roles? Meaning: economic role is the role played by the government in uplifting the economy. The important roles: 1.

Meaning of inflation, Meaning of Inflation There has been a proliferati...

Meaning of Inflation There has been a proliferation of definitions of inflation. Many of these definitions, however, embody the description of the processes by which the underl

Governmental functions, a)  The most well-organized combination of resource...

a)  The most well-organized combination of resources which can be used to make a given level of output is that which:   b)  The enactment of a guaranteed yearly income for al

Differentials and disequilibrium, DIFFERENTIALS AND DISEQUILIBRIUM In ...

DIFFERENTIALS AND DISEQUILIBRIUM In a free enterprise system, workers aim at maximizing their wages.  Hence, it would be expected that workers would move form low-paying indus

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd