Explain how simulation can be used for logistics service provider to analysis the risk. Give one example on that.
Q: Explain what are various types of information for decisions making does simulation typically…
A: The term "simulation" refers to the practise of reproducing the behaviour of a real-world process…
Q: Explain why the simulation outcomes vary from run to run
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Q: Health care is continually in the news. Can (or should)simulation be used to help solve, or at least…
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Q: Determine why the simulation outcomes vary from run to run.
A: Simulation methods check the reliability by simulating the actual process and random behavior of the…
Q: Explain why Simulation is widely used technique in organzations
A: To be determined : why Simulation is widely used technique in organzations
Q: The likelihood that economic mismanagement will cause drastic changes in a country’s business…
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Q: 15. The National Bank of Richmond is worried because one of their largest business customers has…
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Q: Explain the steps to be followed in Monte Carlo simulation
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Q: What methods are used to analyze time in a simulation model? How do they work?
A: Answer as follows:
Q: The management of a company is interested in using simulation to estimate the profit per unit for a…
A: From the given data we found that Selling price = $45/unit Purchase cost ($) Labour cost…
Q: Determine why the simulation outcomes vary from one run to the next.
A: The reason the simulation outcomes vary from time to time is this:
Q: Benjamin Franklin once said, “If you fail to plan, you are planning to fail”. Explain
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Q: When calculating a budget why a risk reserve, a simulation or estimation is performed. Provide…
A: Budget: It is an assessment related to the revenue and expenses for a specified period. Budget can…
Q: Two difficulties that might be described using simulation models
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Q: If the farmer uses pesticides he expects a crop of 60,000 bushels; if he does not use pesticides he…
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Q: Explain what does the simulation technique involves
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Q: 85. Health care is continually in the news. Can (or should)simulation be used to help solve, or at…
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Q: hat are two challenges that simulation models might represent well?
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Q: 1. Give 2 examples of over processing (waste)? 2 examples of over processing (waste) as follows: 2.…
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Q: Texas Petroleum Company is a producer of crude oil that is considering two drilling projects with…
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Q: What is the probability that the satellite described in Solved Problem 4 will fail between 5 and…
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Q: 46. You are making several runs of a simulation model,each with a different value of some decision…
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?Explain what does the simulation technique involves ?
- 1. Construct a risk analysis that examines the various forms of risk (technical, commercial, financial etc) related to the creation of this office building 2.Explain how the analysis would change if office space were in high demandA municipality needs funding for upcoming infrastructure (water and sewer line) repair or replacement. They issue a series of $1,000, 7% semiannual, 11-year bonds. The bonds are initially sold at a discount for $980. You want to buy one of these bonds from a friend who has held the bond for 2 full years, receiving 4 semiannual payments. You plan to keep the bond to maturity and want to earn 9% semiannual on the investment. What is the most you should pay for it? Carry all interim calculations to 5 decimal places and then round your final answer to 2 decimal places.Explain why Simulation is widely used technique in organzations ?
- Identify a business that where you have frequently observed inefficiencies or lack of capacity. What did you observe? How could that business benefit from a simulation tool like the one used in this exercise?explain discrete -event simulation model with example.Lucy always wanted to live in downtown San Francisco. For 10 years she has worked as a manager at an investment banking firm, where she is well paid. However, the most affordable condo is still more than $1 million more than she wants to pay. Although Lucy has the money to purchase the condo, she cannot justify to herself paying so much money for one person—even for a condo in the middle of downtown San Francisco. Lucy ______ part of the market for condos in downtown San Francisco because she ___________________ to buy. I believe the answers are is and has the ability Am I correct?
- What is the role of simulation techniques, such as Monte Carlo simulation, in system modeling, and provide real-world applications.What are the different classes of system and network risk? Real-life dangers?The college campus, it turns out, can be an ideal incubator for hatching small businesses. Nanina’s Gourmet Sauce, a pasta sauce company based in Belleville, N.J., was started, for instance, in 2005 by students taking an entrepreneurship course at Monmouth University in West Long Branch, N.J. Nanina’s products are now sold in nearly 400 supermarkets and gourmet shops in New Jersey and Manhattan, and the company’s director of operations is 23-year-old Nick Massari, a student in that class. The course at Monmouth is one of thousands of similar offerings on campuses across the United States. Undergraduate courses in how to start and run a small business are becoming as ubiquitous as Economics 101. Gone is the conventional wisdom that running a small business cannot be learned by sitting in a classroom. According to the Kauffman Foundation in Kansas City, Mo., more than 2,000 colleges and universities now offer at least a class and often an entire course of study in entrepreneurship. That…