What is the process for achieving steady state results in a simulation?
Q: A process of combined data simulation and model fitting used for evaluating the robustness,…
A:
Q: Determine the explanation for the simulation's effects to vary from run to run.
A: The following explains why the simulation outcomes vary from run to run:
Q: Explain why the simulation outcomes vary from run to run
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A: Simulation is the process of copying an existing system. The purpose of the simulation is to…
Q: Define the difference between the simulated average demand and expected average demand in…
A: To be determined : The difference between the simulated average demand and expected average demand…
Q: What are the 7 steps to performed in simulation to analyze the problem?
A: Simulation is a paradigm that can be used in operations and mimics real-world processes. Random…
Q: Compute the present value of $80,000, to be received in 10 years, if the interest rate is 12%
A: Given, PV = 80,000 Time(n) = 10 years Interest = 12%
Q: Explain why Simulation is widely used technique in organzations
A: To be determined : why Simulation is widely used technique in organzations
Q: State and explain various disadvantages of simulation a firm gets
A: To be determined: various disadvantages of simulation a firm gets
Q: Establishing the Simulation Model
A: Modeling is the most common way of addressing a model which incorporates its development and…
Q: What methods are used to analyze time in a simulation model? How do they work?
A: Answer as follows:
Q: Distinguish between Discrete-Event and Continuous Simulation?
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Q: Compute for the expected value and explain your answer.
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Q: example of discrete event simulation problem related to purchasing into a warehouse . any examples…
A: Discrete event simulation (DES) is a strategy for reproducing the conduct and execution of genuine…
Q: Two difficulties that might be described using simulation models
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Q: What is discrete simulation explain with the help of examples
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Q: Explain what does the simulation technique involves
A: Typically, simulation entails complicated mathematical operations that are impossible for a human to…
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Q: Explain how steady state results achieved in a simulation
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Q: State and explain what is meant by the concept of time series
A: To be determined: what is meant by the concept of time series
Q: What are the many types of applications for computer-aided design and system simulation?
A: The many types of applications for computer aided design are- 1) 2D CAD 2) 3D CAD 3) 3D Wireframe…
Q: Why is simulation often called a technique of last resort?
A: Simulation is a method of reproducing the actions of a service system in order to learn about the…
Q: Determine why simulation is such a common technique.
A: The below are the reasons for using the simulation techniques:
What is the process for achieving steady state results in a simulation?
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- At the beginning of each week, a machine is in one of four conditions: 1 = excellent; 2 = good; 3 = average; 4 = bad. The weekly revenue earned by a machine in state 1, 2, 3, or 4 is 100, 90, 50, or 10, respectively. After observing the condition of the machine at the beginning of the week, the company has the option, for a cost of 200, of instantaneously replacing the machine with an excellent machine. The quality of the machine deteriorates over time, as shown in the file P10 41.xlsx. Four maintenance policies are under consideration: Policy 1: Never replace a machine. Policy 2: Immediately replace a bad machine. Policy 3: Immediately replace a bad or average machine. Policy 4: Immediately replace a bad, average, or good machine. Simulate each of these policies for 50 weeks (using at least 250 iterations each) to determine the policy that maximizes expected weekly profit. Assume that the machine at the beginning of week 1 is excellent.Determine the explanation for the simulation's effects to vary from run to run.Explain what does the simulation technique involves ?
- Explain how steady state results achieved in a simulation?Why is simulation often called a technique of last resort?Adele Weiss manages the campus flower shop. Flowers must be ordered three days in advance from her supplier in Mexico. Although Valentine’s Day is fast approaching, sales are almost entirely last-minute, impulse purchases. Advance sales are so small that Weiss has no way to estimate the probability of low (25 dozen), medium (60 dozen), or high (130 dozen) demand for red roses on the big day. She buys roses for $15 per dozen and sells them for $40 per dozen. Construct a payoff table. Which decision is indicated by each of the following decision criteria?a. Maximinb. Maximaxc. Laplaced. Minimax regret