Question

In: Economics

complete a and b for a positive rating! 4. A) Use a real or hypothetical example...

complete a and b for a positive rating!

4. A) Use a real or hypothetical example to briefly explain the importance of queuing analysis:










b) Use a real or hypothetical example to briefly explain the importance of inventory analysis

Solutions

Expert Solution

a) Queuing analysis is concerned with the mathematical study of congestions and delays of waiting in line.Queuing theory can help users to make informed business decisions on how to build cost -effective workflow systems.

Queuing analysis would be a powerful tool in improving business environment and business outcomes.For example, A store manager can make use of the analysis in the following ways

* He can determine when and why the do the store get ques - There may be be too many people and too few desks.

* He will have to find answers to the question ,What are the solutions? Or what can they do about it? - The store should make the facilities to let more people in and they should try to first serve the people who need little service time .

Queuing models describe the behaviour of queuing systems and evaluate system performance.

b) lnventory analysis refers the examination of inventory to determine the optimum amount to keep in hand. Inventory plays an important role in the smooth functioning of a company's business since it acts as a buffer between the production and completion of customers' orders.

ABC analysis is a popular inventory analysis method.It suggests that inventories of an organization are not of equal value.Thus the inventory is grouped into three categories ( A,B and C) in order of their estimated importance.

Lets look at an example of inventory analysis using ABC method.

Suppose Linda has a business of t-shirts which is very successful.suppose, in search for varieties, she has filled 180 types of t- shirts instead of 50 types .she now realises that this business is seasonal and she has already invested a lot.At this juncture, what Linda can do is an inventory analysis using ABC method.first she must categorise t- shirts into three categories depending on their selling ratio, price demand etc .

By doing such an analysis she will be able to attain inventory optimisation which will inturn help her to achieve efficiency and productivity in operations.


Related Solutions

3. Give an example of a study (real or hypothetical) that suffers from selection bias. 4....
3. Give an example of a study (real or hypothetical) that suffers from selection bias. 4. Give an example of a study (real or hypothetical) that suffers from recall bias.
Create a real or hypothetical question that could be addressed with positive analysis regarding a microeconomics...
Create a real or hypothetical question that could be addressed with positive analysis regarding a microeconomics issue that affects your household or your firm. An example of a microeconomics question that could be addressed with positive analysis is: “How would an increase in the Federal minimum wage to $12/hour increase impact the cost of childcare in the US?” I need to create a question of my own please use the example as reference. Thank you please original work only
Create a real or hypothetical question that could be addressed with positive analysis regarding a microeconomics...
Create a real or hypothetical question that could be addressed with positive analysis regarding a microeconomics issue that affects your household or your firm. An example of a microeconomics question that could be addressed with positive analysis is: “How would an increase in the Federal minimum wage to $12/hour increase impact the cost of childcare in the US?” An interesting follow-up question would be: “How will an increase in minimum wages affect decisions by working parents to use childcare services?”...
Give me a real-life example of Two variables that have a strong positive correlation. Use Google...
Give me a real-life example of Two variables that have a strong positive correlation. Use Google or other research methods to find the correlation coefficient to support your claim. What reasons or conditions attribute to the strong correlation? Do some research, but do not make up a numerical example. Two variables that have a strong negative correlation. Use Google or other research methods to find the correlation coefficient to support your claim. What reasons or conditions attribute to the strong...
In your own words, what is consideration? Provide an example (real life or hypothetical, but not...
In your own words, what is consideration? Provide an example (real life or hypothetical, but not a published online case) of adequate consideration OR lack of consideration. Explain the circumstances surrounding your example - e.g. what did each person say, etc. Then explain how the facts you detail constitute adequate consideration or lack of consideration. For example: My two year-old is precariously holding his Winnie the Pooh cup (with no lid) filled with milk. He's standing on the carpet with...
1) Provide an example (real-world or hypothetical) of a company which is growing yet at the...
1) Provide an example (real-world or hypothetical) of a company which is growing yet at the same time laying off workers. How can we explain this? What may be some contributing factors? Describe a scenario where the company might reverse this action. 2) Describe three or more scenarios where a company would increase the quantity of labor resource (number of workers) it hires.
Use real or hypothetical examples as a way to illustrate your explanation: - Determination of Exchange...
Use real or hypothetical examples as a way to illustrate your explanation: - Determination of Exchange Rates: main factors affecting the exchange rates
Suppose that it company employs 4 men and 4 women. Construct a hypothetical example which demonstrates...
Suppose that it company employs 4 men and 4 women. Construct a hypothetical example which demonstrates that even though the mean salary for men is much higher than the mean salary for women, it is possible for most of them women in the company to earn more than most of the men. List for hypothetical men salaries and for hypothetical women salaries for each to the following conditions hold the mean salary for men is higher than the mean salary...
A real life example of a positive supply shock (please talk with macroeconomics terminology )
A real life example of a positive supply shock (please talk with macroeconomics terminology )
What are the 4 different kinds of mergers? List them and give a hypothetical example of...
What are the 4 different kinds of mergers? List them and give a hypothetical example of each?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT