What is the difference between quantitative analysis and qualitative analysis? Can you provide an example of a qualitative analysis or quantitative analysis? In your own words, What is modeling? What is a Monte Carlo Analysis?
Consider the basic model described as described in Chapter 1-4 of text. Create a Queuing model on your computer using the data provided for the Convenience Store Example and the attached presentation in the Queuing Discussion Folder. Based on your personal experience, are the values used for cost per customer waiting and cost for lost customer realistic? Examine what happens to total cost per hour when more realistic values (chosen by you) are used. Comment on your findings