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

Internal rate of return - incremental analysis, The following contains cost...

The following contains cost and benefit information for two different alternatives for a w capital investment in computerized process technologies to control the process at a manuf

New york offers the payout, Lots of states have scratch offs with various d...

Lots of states have scratch offs with various different monetary payoffs. For example, the "$500 a week for life" in New York offers the payout and odds structure noted below.

Factors affecting size of national income, Factors affecting the size of  N...

Factors affecting the size of  National Income The size of nation's income depends upon  the quantity and quality of the factor endowments at its disposal. A nation will be ri

Price elasticity of supply and the slope of the slope curve, PRICE ELASTICI...

PRICE ELASTICITY OF SUPPLY AND THE SLOPE OF THE SLOPE CURVE For a straight line supply curve, the gradient is constant along the whole length of the curve, but elasticity

Rationing of credit, Rationing of Credit As an instrument of credit con...

Rationing of Credit As an instrument of credit control credit rationing was first employment by the bank of England toward the end of the eighteenth century when it imposed a c

expected profit, The Learned Book Company has a choice of publishing one o...

The Learned Book Company has a choice of publishing one of two books o the subject of Greek mythology.  It expects the sales period for each to be extremely short, and it estimates

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