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- Establishing the Simulation ModelExplain why Simulation is widely used technique in organzations ?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
- Nelson Ads is a London based advertising firm having many branches across UK. It provides digital marketing services to small vendors & enterprises. Every day, the clerical staff at Nelson performs many essential tasks like maintaining customer details, processing advertising requests, estimating ads budget, sending reminder notice to customers with outstanding payments, entering the payments received against the work, and preparing list of payment defaulters. While the management team mostly monitors important business activities through various reports like monthly requests received, monthly outstanding payments, quarterly defaulters list, weekly customer follow-ups, weekly payments received etc. Martha has recently joined this firm as data analyst and she needs to classify the activities into two groups - OLTP vs OLAP. As an IT professional, you need to help her to identify OLTP & OLAP operations from above case.a) Suppose you walk into a large supermarket at 2 am with a friend. Your friend says, "I can't believe that these stores stay open all night. Only one out of fifteen checkout lines is open. There can't be more than ten shoppers in this store. It just doesn't make any sense for this store to be open all night." What conditions must be true for it to be to the advantage of the supermarket to stay open all night? b) Your friend has a large garden and grows fresh fruit and vegetables to be sold at a local "farmer's market." Last year your friend was the only worker in the garden, without any additional workers. However, this year your friend hired a worker and production more than doubled. He comments "Next summer, I think I'll hire another two workers (so total workers including myself would go up from 2 to 4) and my output should again more than double". Is it likely that he could hire more workers and always continue to reap greater than proportional increases in production? Why?