71) A local computer store is running a sale on the first 99 flat panel monitors
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71) A local computer store is running a
sale on the first 99 flat panel monitors sold. There is an equally likely
chance of 0-99 units being sold. Each monitor cost $250, and profit is $10 per
monitor sold. That is, profit equals -$250 + $10X, where X = the number of
monitors sold. The mean amount you would expect to sell is 49.5 units.
(a) Calculate the expected profit.
(b) Simulate the sale of 10 items, using
the following double digit random numbers: 47, 77, 98, 11, 02, 18, 31, 20, 32,
90.
(c) Calculate the average profit in (b)
above, and compare with the results of (a) above.
72) The demand for refrigerators at an
appliance store adheres to the following probability distribution:
Demand per day
0
1
2
3
4
Lead
Time
1
2
Probability
0.15
0.2
0.3
0.2
0.15
0.80
0.20
Random #
01-15
16-35
36-65
66-85
86-00
01-80
81-00
The store orders 4 refrigerators per day
to have in stock to meet demand. They are trying to maintain low inventory
levels. The holding cost is $5/unit/day. The ordering cost is $20 per order.
The lost sale cost is $10/unit. A simulation is to be developed to estimate the
average daily inventory cost over 5 days. The table below shows the random
numbers to be used for refrigerator demand and lead time on orders:
demand
random number
lead
time random number
day
1
88
54
day
2
27
94
day
3
32
44
day
4
36
75
day
5
54
71
Assuming that beginning inventory is equal
to 5 with no prior orders in transit, what is the overall average daily cost of
inventory for the 5 days?
73) A computer help desk receives new
daily customer arrivals according to the following probability distribution:
#
Arrivals
Probability
Random
#
0
0.05
01-05
1
0.2
06-25
2
0.3
26-55
3
0.2
56-75
4
0.15
76-90
5
0.1
91-00
The number of customers that the help desk
has the capability to serve per day is based on the following probability
distribution:
#
Served
Probability
Random
#
3
0.5
01-50
4
0.3
51-80
5
0.2
81-00
If the number of arrivals exceeds the #
served capability, the customers will receive top priority the next day. The
random numbers drawn for a 5-day simulation are as follows:
Arrival
Random #
Service
random #
19
95
34
95
39
92
90
33
97
85
What will the average number of delays be
for the 5-day simulation?
74) What are the seven steps of
simulation?
75) List the major advantages of
simulation techniques.
76) List the major disadvantages of
simulation techniques.
77) Explain what is meant by a Monte Carlo
simulation.
78) Explain what is meant by operational
gaming and give one example.
79) Describe the conditions when
simulation is useful for inventory analysis.
Answer:
Simulation is useful when demand and lead time are probabilistic.
Diff: 2
Topic: SIMULATION AND INVENTORY ANALYSIS
80) Describe the conditions when simulation
is useful for queuing analysis.
81) What is the difference between
verification and validation?
71) A local computer store is running a
sale on the first 99 flat panel monitors sold. There is an equally likely
chance of 0-99 units being sold. Each monitor cost $250, and profit is $10 per
monitor sold. That is, profit equals -$250 + $10X, where X = the number of
monitors sold. The mean amount you would expect to sell is 49.5 units.(a) Calculate the expected profit.(b) Simulate the sale of 10 items, using
the following double digit random numbers: 47, 77, 98, 11, 02, 18, 31, 20, 32,
90.(c) Calculate the average profit in (b)
above, and compare with the results of (a) above.72) The demand for refrigerators at an
appliance store adheres to the following probability distribution:Demand per day01234LeadTime12Probability0.150.20.30.20.150.800.20Random #01-1516-3536-6566-8586-0001-8081-00The store orders 4 refrigerators per day
to have in stock to meet demand. They are trying to maintain low inventory
levels. The holding cost is $5/unit/day. The ordering cost is $20 per order.
The lost sale cost is $10/unit. A simulation is to be developed to estimate the
average daily inventory cost over 5 days. The table below shows the random
numbers to be used for refrigerator demand and lead time on orders:demand
random numberlead
time random numberday
18854day
22794day
33244day
43675day
55471Assuming that beginning inventory is equal
to 5 with no prior orders in transit, what is the overall average daily cost of
inventory for the 5 days?73) A computer help desk receives new
daily customer arrivals according to the following probability distribution:#
ArrivalsProbabilityRandom
#00.0501-0510.206-2520.326-5530.256-7540.1576-9050.191-00The number of customers that the help desk
has the capability to serve per day is based on the following probability
distribution:#
ServedProbabilityRandom
#30.501-5040.351-8050.281-00If the number of arrivals exceeds the #
served capability, the customers will receive top priority the next day. The
random numbers drawn for a 5-day simulation are as follows:Arrival
Random #Service
random #19953495399290339785What will the average number of delays be
for the 5-day simulation?74) What are the seven steps of
simulation?75) List the major advantages of
simulation techniques.76) List the major disadvantages of
simulation techniques.77) Explain what is meant by a Monte Carlo
simulation.78) Explain what is meant by operational
gaming and give one example.79) Describe the conditions when
simulation is useful for inventory analysis.Answer:
Simulation is useful when demand and lead time are probabilistic.Diff: 2Topic: SIMULATION AND INVENTORY ANALYSIS80) Describe the conditions when simulation
is useful for queuing analysis.81) What is the difference between
verification and validation?
