Monte Carlo simulation is used to quantify and characterize uncertainty in a variety of applications such as financial/engineering economic analysis, and project management. The dependence or correlation between the random variables modeled can also be simulated to add more accuracy to simulations. However, there exists a difference between how correlation...
This study presents the results of using common two or three-parameter "default" distributions in place of "best fit distributions" in simulations of serial production lines with finite buffers and blocking. The default distributions used instead of the best-fit distribution are chosen such that they are non-negative, unbounded, and can match...
The problem of resource planning has long been a topic of interest for operations managers in both production and service industries. Inputs such as raw materials, energy, and capital are limited resources; therefore, managers must make informed decisions regarding the use of these inputs. This thesis addresses the area of...