State the difference between the simulated average demand and expected average demand in simulation ?
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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…
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State the difference between the simulated average demand and expected average demand in simulation ?
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- Distinguish between Discrete-Event and Continuous Simulation?Describe how a continuous simulation model can benefit the business strategy decisions for your chosen business (Retail store)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
- What is the process for achieving steady state results in a simulation?Write a brief description of the signalized intersection simulation models identified.Assume Sandra's forecasted ADR for the night is $1600.99. What would be her estimated total room revenue for this day? ADR = Total room revenue / Number of rooms sold