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

The law of diminishing returns (law of variable proportions), THE LAW OF DI...

THE LAW OF DIMINISHING RETURNS  (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return

MBA, different types of markets and role in managerial economics

different types of markets and role in managerial economics

Dominant strategy, In a one-shot game, if you advertise and your rival adve...

In a one-shot game, if you advertise and your rival advertises, you will each earn RM5 million in profits.  If neither of you advertises, your rival will make RM4 million and you w

Costs of unemploment and inflation, COSTS OF UNEMPLOMENT AND INFLATION   ...

COSTS OF UNEMPLOMENT AND INFLATION   In  an  economy  both  unemployment  and  inflation  have  adverse effects  and policy makers  formulate policy instruments to contain both

Managerial Economics, Industry Paper: As a partial requirement for this cou...

Industry Paper: As a partial requirement for this course, you will have to submit a paper on an Industry of your choice. This is a highly structured paper, which consists of: 1.

1, critically analyze the firm''s theory of profit maxmization

critically analyze the firm''s theory of profit maxmization

Elasticity of price expectation, in the context of an environment of busine...

in the context of an environment of business,state briefly the implication of (1) Ee>1.....(2)Ee=1......(3)Ee=0.......(4)Ee

Factors influencing supply - prices of factors of production, Prices of the...

Prices of the factors of production As the prices of those factors of production used intensively by X producers rise, so do the firms' costs. This cause supply to fall as some

Voluntary monopoly through combinations, To eliminate competition and there...

To eliminate competition and thereby secure higher prices, firms producing a specific product can come together and make monopoly agreements. These are called as industrial combina

What is the expected profit, The Barcelona Football Club is considering the...

The Barcelona Football Club is considering the signing of a player of international fame. The problem is that the player has a reputation for having a weak knee. The probability th

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