Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
QUEUING THEORY
When limited facilities fail/delays to satisfy demands made upon them, problems occur which generate queues or waiting lines. Illustrations are:• Customers waiting at cash desks in a supermarket or bank• A stock of items in a warehouse awaiting storage• Letters in an ‘in’ tray waiting to be opened • Telephone calls to a switchboard waiting to be answered.In business, queues have certain ‘economic’ or ‘cost’ implications;
It may be too costly for a company to allow long queues to develop. E.g. if employees queue up at a store counter for new material supplies, the company will incur the cost of idle time and lost production due to their time spent waiting.
It will probably be costly to speed up service, and thus reduce waiting time and queue lengths because it would be necessary to employ extra service assistants, service counters or service equipment.
Customers may expect to be served within a certain length of time; otherwise they may take their custom elsewhere. Queuing problems are therefore concerned with:
• Average waiting times• The average length of queues (i.e. the average number of people in a queue or service system)• The cost of a servicing system.The management may therefore wish to provide a servicing system which either: minimize the joint costs of: a) servicing customers b) (idle) time waste by customers in the queue or balance the requirement to provide a satisfactory service time with the interests of economy i.e. to provide a reasonably quick service but at a relatively low cost.
Advantages of incremental budgeting a) The budget is stable and change is gradual b) Managers can operate their departments on a steady basis c) The system is relatively
What are the Limitation of performance budgeting 1) It dose not facilitate qualitative evaluation. 2) The success depends on the well organized departments, but this may not b
Hickory Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is cons
Strategy A business characteristically invests considerable time and money in developing or creating its strategy. Employees, harried with day-to-day tasks, sometimes fail to s
Decision-making is an integral part of all management functions. It is the process of choosing the among alternative courses of action. Managers have to
JOINT PRODUCT DECISIONS When a manufacturing Company carries out a process operation in which 2 or more joint products are made from a common process a number of decision troub
Illustration of Standard error of estimate The production manager of XYZ Company is concerned about the apparent fluctuation in efficiency and wants to determine how labour cos
Decision Making Some managers appear to have an intuitive sense of good decision making. The reality is that good decision making is hardly ever done by intuition. Consist
Characteristics of cost reduction 1) Cost reduction must be real : said through increase in productivity change in product design improvement in technology etc. 2) Cost r
Determine the Profitability ratios in relation to investment a) Return on capital employed/ return on investment b) Return on equity or return on equity share holders' funds
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd