Module 7 Discussion**1** IMPORTATN – PLEASE UNDERSTAND AND APPLY THE FOLLOWING ****Students are directed to select one (1) discussion question to respond to for their initial response. For the initial response, students must select a question that has not been answered; however, if all questions have been answered, they are to choose the question with the last initial response, but must provide an original answer.**2** IMPORTATN – Please be reminded of what is required:1) your discussion (worth 9pts).2) 2 student replies (worth 3 pts, each).3) please use your own words from information presented in course text.Please use one of the following discussion questions to discuss. please try not to repeat question that another student may have already discussed.unless, off course, all questions have been discussed.===========================================================================Module 71. Give an example of a good decision you made that resulted in a bad outcome. Also, give an example of a bad decision you made that resulted in a good outcome. Why was each decision good or bad?2. What is an alternative? What is an outcome?3. Discuss the differences between decision making under uncertainty and decision making under risk and explain what decision making strategies are used in each situation.4. What is the EMV? Give an example.5. What is the difference between the EVPI and the EV with PI?6. Explain Opportunity Loss and give an example.7. What is the purpose of Bayesian analysis? Describe how you would use Bayesian analysis in the decision-making process.8. What is Utility Theory and how is it used?9. What is a queuing problem? What are the components of a queuing system? 10. What are the assumptions underlying common queuing models?11. Describe the important operating characteristics of a queuing system.12. Describe three situations in which the FIFO discipline rule is not applicable in queuing analysis.13. Explain what is meant by a finite or limited waiting line. Provide four examples.14. Do you think the Poisson distribution is a good estimation of arrival rates in the following queuing systems? Defend your position in each case>a. School cafeteriab. Barbershopc. Dentist’s officed. College classe. Movie theater15. What’s the difference between single-server and single-phase? Give an example of each.16. What is Kendall notation? Give some examples.17. Explain the costs associated with a queue. Explain the typical relationship between these costs.
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