Notes For Simulation Theory (ESE 603) Michael A. Carchidi March 14‚ 2013 Chapter 7 - Random-Number Generation Random number are a necessary basic ingredient in the simulation of almost all discrete systems. You may never have to write a computer program to generate random numbers because all simulation software have built-in subroutines‚ objects‚ or functions that will generate random numbers. However‚ it is still important to understand the basic ideas behind the generation (and testing) of random
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If I was Mike McCready of Polyphonic‚ I would pursue the record companies first. The following are the reasons: 1. Polyphonic can provide more demonstrable value to the record Labels. Since the record companies‚ because of their hefty investments‚ have the most to lose if an album or a song does not catches the public’s fancy‚ they are more focused on economic returns than artists and producers. Also‚ record companies have the financial resources to invest in Hit Song Science (HSS). 2. Record
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storm approaches‚ Mr. Jaeger must evaluate the risk of harvesting his Riesling grapes immediately or holding off and taking the chance the grapes become thin or produce no mold and sell at a lower price. Mr. Jaeger must evaluate the risk and the expected revenues related to his different options. The recommendation is that Mr. Jaeger should not harvest the Riesling grapes right now but wait for a better profit given by the possibility of an upcoming rainstorm that may prove to produce a botrytis
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= 0‚1‚2‚3‚4‚ and 5. He also knows that there is a profit of $ 1.00 for each cake which he sells and a loss (due to spoilage) of $0.40 for each cake he does not sell. Assuming that each cake can be sold only on the day it is made‚ find the baker’s expected profit for a day on which he bakes a. 3 of the cakes; b. 4 of the cakes; c. 5 of the cakes. 18. If a contractor’s profit on a construction job can be looked upon as a continuous random variable having the probability density For -1 < x
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Total Account is of high importance to Van Leer‚ because according to Hoareau expectations Total will make 6% of sales expected in 1995 and loss of Total would be a serious blow to Van Leer France. Total was planned to purchase 872 000 new drums rep year in Europe. Van Leer is also important to Total because Van Leer being responsive to Customer’s requirements can meet requirements of Total’s globalization strategy. Problem of Ten Cate with respect to Total was that he felt threat from new purchasing
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Service Quality Model or ServQual model is used to measure the differences between consumers’ perception and expectation of service quality. According to the servqual model there are five gaps: I Gap - refers to the difference between customers’ expected service and management’s perceptions of customers’ expectations. This gap means that management may not correctly perceive customer expectations. II Gap - refers to the difference between management perceptions of customers’ expectations and
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number of interviews. a. Formulate the given problem as a linear programming problem. [4 marks] The problem is solved using a software and the following output is obtained. Objective Function Value = 520.000 |Variable |Value |Reduced Cost | |X1 |0.000 | 2.000 | |X2 |16.000 | 0.000 | |X3 | 4.000 | 0.000
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decision tree showing all the decisions and chance events. A more detailed decision tree with probabilities for each state of nature will be illustrated in the appendix. Recommendations 1. If no market research information is available‚ the expected value of submitting the bid would be a profit of $0.05 million‚ whereas the payoff of not submitting the bid would be 0. Therefore‚ to maximize profit‚ Oceanview should submit the bid. 2. If the market research is conducted
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wine‚ and the whole winery produced about 25‚000 cases of wine bottled each year. Since the Riesling takes only about 4% of winery’s total production and the decision analysis only affects a small proportion of winery revenues‚ an expected value approach is used (not expected utility approach). However‚ if Jaeger is extremely risk average or the winery could not afford any risks at that time‚ he could choose to harvest immediately to reduce uncertainty. 3. Incorporate the option that Jaeger can obtain
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very important that we learn at a young age that no one is perfect‚ and they can’t always set high expectations for everyone. Especially if they set the expectations for someone they have known all their life. Everyone’s has flaws and they should be expected. "There are no mistakes‚ no coincidences. All events are blessings given to us to learn from." It is not always good to
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