What are the motivations for using simulation for analyzing processes?
What will be an ideal response?
Simulation models are useful when waiting line models are too complex. When the relationship between variables is nonlinear, or when there are too many variables or constraints to handle with optimizing approaches, simulation is an attractive option. Simulation can be used to conduct experiments without disrupting the real system. Simulation can also be used to discover operating characteristics of a system in much less time than the data could be gathered from the real system. Finally, simulation can be used to sharpen managerial decision making through gaming.
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James Packard, a lawyer representing Robert Marino, received a check for $16,000 in settlement of Robert's case. Instead of turning over the money to Robert or putting it into a trust fund for him, James forged Robert's indorsement and deposited the money into his own account without notifying Robert. Discuss the claims the parties have
Distinguish the following costs as prevention, appraisal, internal failure, or external failure
a) Rework substandard products b) Technical support provided to suppliers c) Warranty repairs and replacements d) Inspection of test equipment e) Liability arising from defective products f) Field testing and appraisal at customer site g) Disposal of defective products What will be an ideal response
A recent advertisement in the financial section of a magazine carried the following claim: "Invest your money with us at 14 percent, compounded annually, and we guarantee to double your money sooner than you imagine"
Ignoring taxes, how long would it take to double your money at a nominal rate of 14 percent, compounded annually? A) 3.66 years B) 5.29 years C) 7.00 years D) 10.24 years E) 14.00 years
The major type of loan made by banks to businesses is the ________
A) fixed-asset-based loan B) short-term secured loan C) short-term, self-liquidating loan D) capital improvement loan