Number of occurrences
Revenue
How many times it
happened
8600
1
4300
3
4250
1
4200
2
4100
1
-50
2
2
The famous simulation model
WAITING LINE
SIMULATION
Case Study: Hammondsport Savings
Bank ATM Waiting Line
4
Hammondsport Savings Bank will open several
ne

Modeling & Simulation
Dr Sally Kassem
Mondays 11:30 12:45
Wednesdays 12:45 2:00
Simulation with Two ATMs
2
We extended the simulation model to
the case of two ATMs
3
For the second ATM we also
assume that the service time is normally
distributed with a me

Risk analysis is the process of predicting the
outcome of a decision in the face of uncertainty.
We describe a problem that involves
considerable uncertainty: the development of a
new product.
We first show how risk analysis can be
conducted without using

Monte Carlo Simulation
MonteCarlo Simulation:
Sometimes defined as the simulation that
involves generating values for the probabilistic
inputs without considering the factor of time.
Why called M o n t e C a r l o simulation?
An inventory example using
Si

Probabilistic input values
We mentioned that we need to generate
values for the three probabilistic inputs.
The first step to do that is through computer
generated random numbers.
Computer generated random numbers
These are numbers randomly selected
be