Determine that simulation is a methodology commonly used.
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Q: Determine why simulation is such a common technique.
A: The below are the reasons for using the simulation techniques:
Determine that simulation is a methodology commonly used.
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- Determine why simulation is such a common technique.List the two broad categories of simulations?Calculations: 1. You are valuing a 10-acre vacant lot with a septic system and a well on site. The size adjustment factor for 10 acres is 2.23. You have found two recent sales to use as comparables. -Sale 1 is 3.5 acres in size and has a septic system and a well on site. It sold for $200,000. The corresponding size adjustment factor for 3.5 acres is 1.57. -Sale 2 is 7 acres in size and sold for $225,000. However, it does not have a septic system or a well, which will cost $50,000 total to install. The corresponding size adjustment factor for 7 acres is 1.93. CALCULATE THE RANGE OF THE VALUE OF THE 10-ACRE VACANT LOT ADJUSTED FOR SIZE, ROUNDED TO THE NEAREST $1,000. SHOW YOUR WORK
- How would you manually write a mathematical model this?Mars Incorporated is interested in going to market with a new fuel savings device that attaches to electrically powered industrial vehicles. The device, code named "Python," promises to save up to 15% of the electrical power required to operate the average electric forklift. Mars expects that modest demand expected during the introductory year will be followed by a steady increase in demand in subsequent years. The extent of this increase in demand will be based on customer's expectations regarding the future cost of electricity, which is shown in Table 1. Mars expects to sell the device for $300 each, and does not expect to be able to raise its price over the foreseeable future. Mars is faced with two alternatives: ≻Alternative 1: Make the device themselves, which requires an initial outlay of $450,000 in plant and equipment and a variable cost of $175 per unit. ≻Alternative 2: Outsource the production, which requires no initial investment, but incurs a per unit cost…How did you calculate experimental and theoretical time periods? How did they differ in yourexperiment?
- Using the accompanying log-log graph, answer the following questions: What are the implications for management if it has forecast its cost on the optimum line? What could be causing the fluctuations above the optimum line? If management forecast the tenth unit on the optimum line, what was that forecast in hours? If management built the tenth unit as indicated by the actual line, how many hours did it take?Based on Quinn et al. (1991). Winter Riggers handles approximately $400 million in telephone orders per year. Winter Riggers’ system works as follows. Callers are connected to an agent if one is available. Otherwise, they are put on hold (if a trunk line is available). A customer can hang up at any time and leave the system. Winter Riggers would like to efficiently manage the telephone system (lines and agents) used to process these orders. Of course, orders are very seasonal and depend on the time of day. a. What decisions must Winter Riggers make? b. What would be an appropriate objective for Winter Riggers to minimize (or maximize)? What difficulties do you see in specifying the objective? c. What data would Winter Riggers need to keep track of to improve its efficiency?The main steps in the night audit process, operating modes and prepare reports
- Chelsea Jacobson awaited the arrival of her bed and dresser one Saturday in September. She’dpurchased the items in the IKEA Brooklyn store twelve days before, and couldn’t wait to finally bedone with sleeping on the floor of her apartment. She needed to be well rested as she headed toher writing job in Hell’s Kitchen.Although she’d been given a delivery window for the furniture to arrive, her bed and dresser never came.She contacted the shipping company, XPO Logistics, to get an update on the status of her items, butXPO notified her that IKEA had never supplied the order. Jacobson contacted IKEA numerous timesand eventually found out it could take an additional 4-6 weeks for her items to arrive, as they had been misplaced.Jacobson joins the ranks of customers who have fallen victim to IKEA’s troubled customer service.After attempts to contact the company via email and phone proved unsuccessful, she turned toTwitter to voice her complaints and warn others, only to find thousands of…there is no Predecessors What is the probability that the dinner will be ready within 3 minutes early?eastman publishing company is considering publishing an electronic textbook on spreadsheet application for business. The fixed cost of manuscript preparation, textbook, design, and web site construction is estimated to be $160,000. Variable processing costs are estimated to be $6 per book. The publisher plans to sell access to the book for $46 each. a. build a spreadsheet model to calculate the profit/loss for a given demand. What profit can be anticipated with a demand of 3500 copies? b. use a one way data table to vary demand from 1000 to 6000 increments of 200 to assess the sensitivity of profit to demand. c. Use goal seek to determine the access price per copy that the publisher must charge to break even with a demand of 3500 copies d. make a recommendation that maximixesthe sales for eastman publishing company