Author Question: In a short essay, explain what the value of P in queuing theory provides for a manager. What will ... (Read 71 times)

arivle123 · **on:** Jul 6, 2018

In a short essay, explain what the value of P in queuing theory provides for a manager.

What will be an ideal response?

Question 2

A payoff matrix features strategies S1, S2, S3, and S4 and competitive strategies CA1, CA2, and CA3. In a short essay, explain how maximum regret can be calculated for an S1 strategy.

What will be an ideal response?

tuwy · **Reply #1 on:** Jul 6, 2018

Answer to Question 1

Answer: In queuing theory, the manager sets a limit with respect to how long a line in a grocery store (for example) she is willing to tolerate. Computing P tells the manager what percentage of the time she can expect the limit to be exceeded. For example, suppose the manager determines that she does not wish to have lines that have more than three people in them. With a P value of 0.20, the manager can expect to have lines with more than three people in them 20 percent of the time.

Answer to Question 2

Answer: For the S1 strategy, values for CA1, CA2, and CA3 must be compared to the CA1, CA2, and CA3 values for S2, S3, and S4. To compute regret, find the difference between the S1 value in a column and the greatest value in that same column. Find the regret value for each column, then compare the three regret values for CA1, CA2, and CA3. The greatest value identifies the maximum regret.