StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...

Business modelling for decision makers - Coursework Example

Cite this document
Summary
Question 1  Discrete Simulation           PU     PD     Pump "A" Pump "B" RN1 RN2 Arrival Expected Pump "A" Pump "A" Pump "A" Pump "B" Pump "B" Pump "B" Vehicle Vehicle No.     Time Duration Start End Wait Start End Wait Wait Wait                           1 8   11:08 3 11:08 11:11 0 11:00 11:03 0 0 0 2 30 3 11:30 3 11:30 11:33 0 11:04 11:07 1 0 1 3 81 62 12:11 3 12:11 12:15 0 12:02 12:05 0 0 0 4 58 51 11:58 3 11:58 12:01 0 11:51 11:54 0 0 0 5 1 18 11:01 3 11:01 11:04 0 11:18 11:21 0 0 0 6 13 23 11:13 3 11:13 11:16 0 11:24 11:27 1 0 1 7 73 5 12:13 3 12:16 12:19 2 11:07 11:10 2 2 2 8 20 49 11:20 3 11:20 11:23 0 11:49 11:51 0 0 0 9 11 26 11:11 3 11:12 11:15 1 11:27 11:…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER94.8% of users find it useful
Business modelling for decision makers
Read Text Preview

Extract of sample "Business modelling for decision makers"

Download file to see previous pages

This is dependent on the arrival time of each of the vehicles as well as the wait time that is expected with each one. It was assumed that each of the cars would take an average of 3 minutes in wait time to fill up the tank. The RN1 and RN2 were created with the average time which each vehicle would arrive. Since these were based on the arrival time according to random intervals, this helped to give average times of the main time when each vehicle would arrive. To determine the wait time and the average time at the pump, there was a basis of seeing when the first vehicle would arrive at the pump filling station.

It was expected that no other car would be at the filling station at that time. If a car was at the station before the other, then the duration of waiting time was calculated with the outcome being a 3 minute time at the station and the remainder of the time being based on the amount of wait time that each vehicle had to take. This gave an average wait time for each of the vehicles and provided insight into the vehicles that were seeking fuel at random times. The vehicles which arrived first determined the wait time for the vehicles that arrived later.

For instance, if a vehicle arrived 2 minutes after a car before, then it was expected that there would be a wait time before the vehicle would fill up the gas. The advantage of the gas filling station comes with the expectations from the owner, which is that 65% arrive 4-5 minutes after the previous vehicle. This lowers the amount of wait time and allows the vehicle to be free. However, if a vehicle arrives within the 1-3 minute time frame, then there is an expected wait. If this occurs continuously then it is expected that the wait time will increase according to the number of vehicles, time spent at the pump and the wait in which the vehicle had from the previous vehicle that was filling up at the pump.

This caused some of the vehicles to wait for up to 9 minutes before having the opportunity to fill up their vehicle. However, this balanced out because of the five minute intervals that were between vehicles which caused some portions of the pump to not service vehicles at a given time. The assumptions made with this particular chart were based on several factors. The first was that it would take an average of 3 minutes for each vehicle to complete what is needed. However, it was also stated that this was the average of all vehicles as stated by the owner.

This fluctuation would change the wait time of all vehicles and would alter the results. It was also assumed that the vehicles arrived at the random intervals provided and would have to wait for the previous vehicles to finish filling. However, this would alter according to the speed of the last vehicle and the lining that was taking place with the vehicles. The system used within the gas station would

...Download file to see next pages Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business modelling for decision makers Coursework”, n.d.)
Retrieved from https://studentshare.org/statistics/1423744-business-modelling-for-decision-makers
(Business Modelling for Decision Makers Coursework)
https://studentshare.org/statistics/1423744-business-modelling-for-decision-makers.
“Business Modelling for Decision Makers Coursework”, n.d. https://studentshare.org/statistics/1423744-business-modelling-for-decision-makers.
  • Cited: 0 times

CHECK THESE SAMPLES OF Business modelling for decision makers

The importance of analysis and analytical skills to the manager making decisions in business

The report moves on to address financial modelling and diagrammatic representation approaches.... Financial modelling Investopedia (2011) defines financial modelling... From this research it is clear that the importance of analysis and analytical skills to the manager making decisions in a business cannot be refuted.... This is more so in today's rapidly changing business environment and the availability of “too much” information due to the convergence of information technology, media and telecommunications....
10 Pages (2500 words) Essay

Model in the projection of equity portfolio

As an example, after running a mix of corporation analyses, departmental analyses, as well as macro-economic analyses, a manager make a decision as to whether or not to own a substantial weight of a specified stock.... Portfolio modeling has come to occupy a central place in the business landscape....
12 Pages (3000 words) Essay

Systems Modelling Theory

SYSTEMS modelling THEORY Systems modelling Theory Author Author's Affiliation Date Introduction This paper is based on is a discussion about a scenario presented by my company's coordinator.... In this paper I have been asked to develop a company response for the following systems modelling theory issues that are to be incorporated into a response to a Request for proposal (RFP).... hellip; This paper presents an overview of systems modelling theory....
6 Pages (1500 words) Essay

Building Information Modelling

The potentiality of Building Information modelling (BIM) in the construction companies operating in the West Midland region is undertaken in this research.... The potentiality of Building Information modelling (BIM) in the construction companies operating in the West Midland region is undertaken in this research.... … The important operations being supported through the information technologies are the usage of software for the drafting requirements, building analysis and design, project scheduling and management activities, web-enabled services for business creation, supply chain management activities and also client management activities....
55 Pages (13750 words) Dissertation

Significance of Business Process Modelling in Modern Day Context

rom this study it is clear that business process modelling's chief objective is to enhance the performance of the business by optimising the effectiveness of connecting activities in the provision of the products or services.... The chief aim of the essay is to comprehend the significance and the benefits of business process modelling in modern day context.... It will begin with the discussion of the meaning of the business process modelling with certain examples....
14 Pages (3500 words) Essay

Modelling Operational Risk by AMA

Adding to this, Wasserman (1997) and Alderweireld, Garcia and Léonard (2006) agreed that even though both scenario analysis and expert judgement provide important information for forecasting and decision making, banks with the relatively limited dataset and those that only started a business may not have enough of these to use the Bayesian inference.... The overall aim of the paper “modelling Operational Risk by AMA” is to have a more quantitative approach to modeling operational risk whereby it will be able to have a statistical quantification of the level of operational risk losses banks are exposed to....
5 Pages (1250 words) Essay

Business Modelling and Linear Regression Analysis

This essay "business modelling" will look at some of these models and their strengths and limitations.... nbsp;business modelling has been used for so long to solve business problems and develop strategies for the success of these businesses.... hellip; This is a technique of statistical analysis that helps business managers, economists, and even business researchers forecast the trends of their businesses in the coming future....
8 Pages (2000 words) Essay

Business Process Modelling: SIMUL8

The "Business Process modelling: SIMUL8" paper assesses the relevance and exactitude of the SIMUL8 planner model to provide a simulation of a composite planner model that would be reflective of the actual production process, enabling the company to assess the production line.... hellip; The complexity of the industry invites a special approach as far as Business Process modelling is involved as it incorporates the diversity, security, and privacy of the actors....
7 Pages (1750 words) Case Study
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us