Simulation Modeling
by Simulation of Queuing System Example 1: Simulation of Queuing System People arrive at the New Delhi Railway station to buy tickets according to the following …
Tag: DECISION SCIENCE
M/M/I/FIFO
M/M/1 (N/FIFO) System : Queuing Models It is a queuing model where the arrivals follow a Poisson process, service times are exponentially distributed and there is only …
Queuing Theory Meaning, Concepts and assumptions of queuing models
Queuing theory is the study of queues and the random processes that characterize them. It deals with making mathematical sense of real-life scenarios. For example, a mob of people …
Resource Planning and Meaning of Crashing
Resource Planning Resource planning refers to the strategy for planned and judicious utilisation of resources. Resource planning is essential for sustainable existence of all forms …
Analysis with the help of PERT and CPM
Program Evaluation and Review Technique (PERT) is a method used to examine the tasked that are in a schedule and determine a variation of the Critical …
Meaning of Networking
Meaning of Network Technique Network technique is a technique for planning, scheduling (programming) and controlling the progress of projects. This is very useful for projects …
Solution of Game Theory Problems with the Help of Graphical, Algebraic, and Simplex Methods
This method can only be used in games with no saddle point, and having a pay-off matrix of type n X 2 or 2 X …
Game Theory Pure and Mixed Strategies, Principle of Dominance
Pure strategy A pure strategy is an unconditional, defined choice that a person makes in a situation or game. For example, in the game of …
Decision under Certainty, Uncertainty, and Risk
Decision-making under Certainty A condition of certainty exists when the decision-maker knows with reasonable certainty what the alternatives are, what conditions are associated with each …
Travelling Salesman Problem
Problem Statement A traveler needs to visit all the cities from a list, where distances between all the cities are known and each city should …