Management science Coursework Example | Topics and Well Written Essays - 500 words

Management science - Coursework Example It only picks one value from the highest state of nature. b. Using the minmax regret, we use the regret table whereby the highest values of the loss for the pounds supplied is taken. In this case, we have $120 for 20 pounds, $105 for 25 pounds, $60 for 40 pounds and $80 for 60 pounds. So picking the lowest value from the obtained maximum losses, we get $60 for 40 pounds. So by supplying 40 pounds Geoffrey will make minimum losses. When there is a single doctor working in the emergency room, and he takes 5minutes to attend to one patient, therefore it means that the doctor will serve 12 patients in an hour. Since the arrival rate of the patients is 14/hour, then a queue is expected. When another doctor is introduced and are working together, that means it is a single model. The appropriate operating characteristic for this single queue model is the average number of patients waiting to see a doctor and in this case it should not be more than 6 patients. The model has an arrival rate which is exponentially distributed and the patients follow the first come first served. The formula above is used to show the expected number of patients in the queue. The administrator wants at most six patients in the queue and the least number of doctors required to meet the requirement will be given by substituting Lq with 6 (Lq