COMMERCE 3QA3 Lecture 2: Lecture 28-34 Ch 10
17 Nov 2017
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A simulation is a mathematical model of a real-world process or system. The purpose is to imitate the real-world system (e. g. revenue management at a trucking company) in order to study the system"s characteristics and understand how changes will affect the system. Estimate probability distributions for each uncertain event in the system. Use the flowchart to develop a mathematical model of the system. Simulation is done with 2. pencil-and-paper, or 3. , 4. , 5. Crystal ball is another simulation software package but because of its high cost (for students) we will not study it in this course: simulation using pencil-and-paper. A bank collects the following data on business customer arrivals and service times. * this means a customer arrives and 3 minutes later the next customer arrives. ** this means that once the bank begins serving a customer it takes 3 minutes to finish the service.
