Lecture 13 Notes - Space IOE 202: lecture 13 outline...

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Space IOE 202: lecture 13 outline ° Announcements ° Last time. .. ° Making decisions and sequences of decisions under uncertainty IOE 202: Operations Modeling, Fall 2009 Page 1 Space Last time: ° Di f erent types of queueing systems, characterized by ° Characteristics of arrivals and customer behavior ° Service discipline ° Service characteristics ° Steady state analysis of queueing systems with exponentially-distributed interarrival and service times ° M / M / 1 system, when ρ = λ μ < 1 ° M / M / s system, when ρ = λ s μ < 1 ° M / M / s / s system IOE 202: Operations Modeling, Fall 2009 Page 2
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Space Decision analysis problem: Deciding on summer plans 1 ° Bill is an undergraduate student. It is now early in the Fall semester, but Bill is already considering his options for summer employment. ° In the end of August, Bill interviewed for a summer internship at a major consulting company. The interview went well, and Bill thinks he has a good chance (about 60%) of getting an o f er of an internship with a $14,000 summer salary. ° Also, Bill has the opportunity to return to the summer job he held last year. The job will pay $12,000 for the summer. However, the o f er to return to this job will only remain open until the end of October, while the internship o f ers are made in mid-November. Therefore, Bill has to accept or decline the job before he knows if he has an o f er of an internship. ° If Bill gets o f ered an internship, he needs to respond by the end of November. 1 Adapted from Bertsimas and Freund, Data, Models, and Decisions IOE 202: Operations Modeling, Fall 2009 Page 3 Space Deciding on summer plans: continued ° If Bill were to turn down the job, he could either accept the potential internship o f er (were it indeed to materialize), or he could look for a di f erent summer job via the University placement service.
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Lecture 13 Notes - Space IOE 202: lecture 13 outline...

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