At Letchworth Community College, one person, the registrar, registers students for classes. Students arrive at a rate of 10/h (Poisson arrivals), and the registration process takes 5 min on the average (exponential distribution). The registrar is paid $5 per hour, and the cost of keeping students waiting is estimated to be $2 for each student for each hour waited (not including service time). Develop a process-driven spreadsheet the hint in Excercise 7.3 and simulate 500 students in each case.)
a. The current system.
b. A computerized system that results in a service time of exactly 4 min. The computer leasing cost is $7 per hour.
c. Hiring a more efficient registrar. Service time could be reduced to an average of 3 min (exponentially distributed), and the new registrar would be paid $8 per hour.