7ENT1127-0105 Operations Research and Logistics Assignment Title: CW2: Simulation Modelling

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Canvas assignments (2021/22 Academic Year)
7ENT1127-0105 Operations Research and Logistics
Assignment Title: CW2: Simulation Modelling

 
 
Submission deadline
27-04-2022 23:59

Weighting %:
60
hours London UK

(for students):

 
 
Time.

 
 
 

Authorship:
Individual
Target date for
18-05-2022 23:59

returning marked
hours London UK

 
 

 
 
coursework:
Time.

Tutor setting the
Number of hours you
 
 

are expected to work
40
 

work:

on this assignment:
 
 

 
 
 
 

 

 
This Assignment assesses the following module Learning Outcomes (from Definitive Module Document):

Evaluate quantitative modelling concepts for problem solving and decision making in a logistics context.
Critique the logical process of modelling complex decision problems.
Derive solution(s) using a suitable software package when required.
Apply techniques and practice to model real world logistics problems.
Critically analyse and report results individually and/or in a group.

Assignment Tasks:
Manufacturing simulation uses computers to make virtual models of manufacturing processes and systems, typically with the purpose of collecting important information for use in decision making. Operations researchers and managers uses a variety of simulation software in their practice, one of which is the Witness Simulation software.
In this assignment you are required to produce a report that addresses the following tasks.

Explain the difference between a good decision and a bad decision. Briefly discuss how confirmation bias can affect the quality of decisions.
With reference to Case Study A on Pages 4 and 5 below, you are required to use Witness Simulation software to evaluate decisions relating to due date specification in a job shop. You are required to use a trial-and-error method to determine good due date specification for the jobs arriving the case study’s job shop. Use delivery performance in terms of total late/early completion penalty costs to evaluate your due date specification. Start the simulation with an empty shop and run the simulation until 15,000 minutes. Data on the first 5,000 minutes should be discarded to allow for warm-up period and attainment of steady-state conditions. Clearly state any assumptions used in the simulation.
Critically discuss the results of the simulation carried out in Question 2 above and the performance of the specified due date.

Page 1 of 5
Presentation
You must present your work as follows.
Your submission for this assignment must be a written report. The report must contain no more than 2500±10% words including any diagrams, calculations, figures and/or tables where appropriate. Reports shorter than the word count will not lose marks but will lead to the omission of material which can gain them. Any words over the suggested word count will not be marked. Do not use any mechanism, such as embedded jpeg images containing significant text, to circumvent the word count.
You are expected to provide a range of secondary sources to underpin your work. These must be cited and referenced according to the Harvard Referencing System. Include the word count in the header of your report.
Ensure that your report is well-structured and choose appropriate number and titles for the sections of the report please. There is no need to number the references section.
Your report must follow the guidance above and must include the specific instructions outlined below.

Word-process the report on A4 paper.
Use 1.15 line spacing.
Font type must be Arial (font size11).
Number all pages.
Ensure that all diagrams / tables are labelled and numbered.
Grammar, spelling and style, as well as clarity, contribute towards the assessment of the report.
Use British Spelling i.e., ‘English (UK) Language’.
Justify paragraphs – Align text to both left and right margins, using your word processor to add extra space between words as necessary.

You are expected to provide a significant range of secondary sources to underpin your work.
These should be cited and referenced according to the Harvard Referencing System.
Additional Note on Referencing
Mark is allocated for referencing in this assignment, and the mark is influenced by the thoroughness and integrity of the work as evidenced by your referencing. Marks are awarded not only for correct referencing practice, but also the extent to which the arguments have been supported by cited sources. As highlighted above, related work should be cited and referenced according to the Harvard Referencing System.
Submission Requirements:
The report must be submitted as a PDF file via the Assignment CW2 submission page on the module site. The report is intended to be marked anonymously. Hence, do not include any personal identifier in your submission.
Marks awarded for:
This assignment is worth 60% of the overall assessment for this module.
Marks out of 100% awarded for
Page 2 of 5

 
 
Main Tasks/Allocations
 
 
Marks
 

 
 
 
 
 
 
 
Available
 

 
 
 
 
 
 
 
%
 

 
 
 
 
 
 
 
 
 

 
 
Knowledge and understanding of the subject particularly in the context of the
10

 
 
topic covered in the assignment.
 
 
 

 
 
 
 
 

 
1.
Explanation of a Concept:
10

 
 
 
Explain the difference between a good decision and a bad decision. Briefly
 
 
 

 
 
 
discuss how confirmation bias can affect the quality of decisions.
 
 
 

 
 
 
 
 

 
2.
Simulation Modelling
45

 
 
 
With reference to Case Study A on Pages 4 and 5 below, you are required
 
 
 

 
 
 
to use Witness Simulation software to evaluate decisions relating to due date
 
 
 

 
 
 
specification in a job shop. You are required to use a trial-and-error method
 
 
 

 
 
 
to determine good due date specification for the jobs arriving the case study’s
 
 
 

 
 
 
job shop. Use delivery performance in terms of total late/early completion
 
 
 

 
 
 
penalty costs to evaluate your due date specification. Start the simulation with
 
 
 

 
 
 
an empty shop and run the simulation until 15,000 minutes. Data on the first
 
 
 

 
 
 
5,000  minutes  should  be  discarded  to  allow  for  warm-up  period  and
 
 
 

 
 
 
attainment of steady-state conditions. Clearly state any assumptions used in
 
 
 

 
 
 
the simulation.
 
 
 

 
 
 
 
 
25
 

 
 
 
(a)
Simulation Model Development.
 

 
 
 
 
 
20
 

 
 
 
(b)
Results and Analysis
 

 
 
 
 
 

 
3.
Critical Discussion:
15

 
 
 
Critically discuss the results of the simulation carried out in Question 2 above
 
 
 

 
 
 
and the performance of the specified due date.
 
 
 

 
 
 
 
 
 
 
 
 

Overall presentation, report title and structure, effective communication, keeps to word limit.
Intellectual curiosity (Quality of academic sources);Use and presentation of Harvard Referencing.
10
10
Total
100
Type of Feedback to be given for this assignment:
The presentation will have a percentage mark and generic feedback.
Additional information:

Regulations governing assessment offences including Plagiarism and Collusion are available from https://www.herts.ac.uk/__data/assets/pdf_file/0007/237625/AS14-Apx3-Academic-Misconduct.pdf (UPR AS14).

Guidance on avoiding plagiarism can be found here: https://herts.instructure.com/courses/61421/pages/referencing-avoiding-plagiarism?module_item_id=779436

For undergraduate modules:
a score of 40% or above represents a pass performance at honours level.

Page 3 of 5

late submission of any item of coursework for each day or part thereof (or for hard copy submission only, working day or part thereof) for up to five days after the published deadline, coursework relating to modules at Levels 0, 4, 5, 6 submitted late (including deferred coursework, but with the exception of referred coursework), will have the numeric grade reduced by 10 grade points until or unless the numeric grade reaches or is 40. Where the numeric grade awarded for the assessment is less than 40, no lateness penalty will be applied.
For postgraduate modules:

a score of 50% or above represents a pass mark.

late submission of any item of coursework for each day or part thereof (or for hard copy submission only, working day or part thereof) for up to five days after the published deadline, coursework relating to modules at Level 7 submitted late (including deferred coursework, but with the exception of referred coursework), will have the numeric grade reduced by 10 grade points until or unless the numeric grade reaches or is 50. Where the numeric grade awarded for the assessment is less than 50, no lateness penalty will be applied.

Case Study A
Consider a job shop scenario that consists of five machines and has capacity to process two job categories, CAT-1 and CAT-2. The first machine in the job shop is dedicated to pre-processing CAT-1 jobs only, whilst the second machine pre-processes CAT-2 jobs only. Machines 3 and 4 are dedicated to a variety of operations on both CAT-1 and CAT-2 jobs. Machine 5 is a quality assurance, inspection, machine. Jobs failing inspection are returned to Machine 4 for rework. A job fails inspection with probability of 0.25.
 
Jobs arrive the shop into buffers and are selected from the buffers on first-come first-served (FCFS) basis for processing on machines. Additional buffers may be used in the job shop as necessary and jobs arriving buffers are positioned at the end of the buffer queue. Table 1 below contains the characteristics of the job categories.
 
Table 1: Characteristics of Job Categories.
 

 
Category
 
 
Job Inter-Arrival Time
 
 
Machine Visitation
 
 
Due Date from the start
 

 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
Order
 
 
of  processing
on  first
 

 
 
 
 
 
 
 
 
 
 
 
Machine.
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
CAT-1
 
Negative
exponential
 
1,3,4,5, (4 OR SHIP)
 
Time
job
starts

 
 
 
 
distribution with rate parameter
 
 
 
 
processing on Machine 1

 
 
 
 
set to 80 minutes.
 
 
 
 
 
 
+ X minutes.
 
 

 
 
 
 
 
 
 
 
 
 
 

 
CAT-2
 
Negative
exponential
 
2,3,4,5, (4 OR SHIP)
 
Time
job
starts

 
 
 
 
distribution with rate parameter
 
 
 
 
processing on Machine 2

 
 
 
 
set to 100 minutes.
 
 
 
 
 
 
+ Y minutes.
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
The operation times follow uniform distribution, between 3 and 5 minutes on Machine 1, between 4 and 8 minutes on Machine 2, between 9 and 12 minutes on Machine 3, between 11 and 20 minutes on Machine 4, and between 2 and 6 minutes on Machine 5. The following common assumptions should be adopted in the study. Each machine has a constant capacity throughout, and the machines are always available. Set-up times are included in the operation processing times. Each of the machines can process only one job at a time. A job runs through all its operations sequence.
Page 4 of 5
Jobs failing inspection will need to be re-inspected on Machine 5 following rework on Machine 4. Variables X and Y must be determined to specify due date for the jobs. The job shop pays penalties shown in Table 2 for late/early job completion.
Table 2: Penalties for Late / Early Job Completion.
 

 
Job Category
 
 
Penalty per late job completion
 
 
Penalty per early job completion
 

 
 
 
 
 
 

 
 
 
(Pence per minute)
 
 
(Pence per minute)
 

 
 
 
 
 
 
 

 
CAT-1
50
 
40
 

 
 
 
 
 
 

 
CAT-2
80
 
30
 

 
 
 
 
 
 
 
 
 

Page 5 of 5

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Mr May is a sole trader and owns WoodyTrain, a toy store specialising in handcrafted wooden train toys. Mr May wants to raise £20,000 by getting a new partner.   Instructions  You are required answer the following points and produce a report of your findings:  • Analyse the types of business budgets that Mr May have prepared for this business  organisation. Recommend how these budgets would allow a new partner to make an  informed decision about investment.  Explain the different methods Mr May could use to calculate the unit cost of the  handcrafted wooden train toys.   Compare the format of the financial statements that Mr May will currently prepare for  his sole trader business with those prepared for a partnership and limite

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INTRODUCTION TO FINANCE 

Unit Title 
Introduction to Finance 

Unit Reference Number 
M/616/2722

Unit Level 
Level 4

Assessor

Date issued

Hand in Date

Unit Grading Structure 
Pass 

Assessment Guidance 
To achieve this unit, learners must achieve the learning  outcomes and meet the standards specified by all  assessment criteria for the unit.

 

LO 
LO Description 
AC 
AC Description


Understand sources of  
finance available to a  
business.
1.1 
Assess the benefits and limitations of the different  sources of finance.

1.2 
Evaluate appropriate sources of finance for a business project.


Understand finance as a  resource within a business.
2.1 
Determine the costs of different sources of finance.

2.2 
Explain the importance of financial planning.

2.3 
Assess the information needs of different decision  makers in a business.

2.4 
Explain the impact of sources of finance on the  financial statement.


Be able to make financial  decisions based on financial  information.
3.1 
Analyse budgets and recommend appropriate  decisions.

3.2 
Explain the calculation of unit costs.

3.3 
Make pricing decisions using relevant information.

3.4 
Assess the viability of a project using investment  appraisal techniques.


Be able to assess the  
financial performance of a  business.
4.1 
Compare formats of financial statements  appropriate for different types of business.

4.2 
Interpret financial statements using appropriate ratios and comparisons, both internal and external.

 
Scenario 
Each task has its own scenario for this assignment 
Task 1 of 3 – Financial Advice Report (ACs 1.1, 1.2, 2.1, 2.2, 2.3 & 2.4) 
Scenario 
You are a Financial Advisor; a client has approached you for advice about opening a flower  shop business. The client has saved £10,000 but knows that a minimum of £30,000 is  needed to start the business.  
Instructions 
You are to give advice regarding possible financial sources to raise the remaining  £20,000.00 and need to:  

Assess the benefits and limitations of different sources of finance. 
Evaluate appropriate sources of finance for this business project. 
Determine the costs of different sources of finance. 
Explain the importance of financial planning. 
Assess the information needs of different decision makers in a business. • Explain the impact of sources of finance on the financial statement. 

Write your findings in a report to be given to be given to the client 
Delivery and Submission 

1x Financial Advice Report – 750 words 

Task 2 of 3 – Financial Decisions Report (ACs 3.1, 3.2, 3.3, 3.4, 4.1)  Instructions 
Scenario 
Mr May is a sole trader and owns WoodyTrain, a toy store specialising in handcrafted wooden train toys. Mr May wants to raise £20,000 by getting a new partner.  
Instructions 
You are required answer the following points and produce a report of your findings:  • Analyse the types of business budgets that Mr May have prepared for this business  organisation. Recommend how these budgets would allow a new partner to make an  informed decision about investment. 

Explain the different methods Mr May could use to calculate the unit cost of the  handcrafted wooden train toys.  
Compare the format of the financial statements that Mr May will currently prepare for  his sole trader business with those prepared for a partnership and limited company. • WoodyTrain has been asked to supply a large number of toys to a large retailer at a  

discounted price of 50%. Advise Mr May on what he needs to consider before  replying to the retailer.

WoodyTrain is considering expanding and purchasing a new toy store.  Two new stores are being considered – Toy Store A and Toy Store B.  

The following are the estimated cash flows for each building. 

Year 
Toy Store A 
Toy Store B

£ 
£


-375 000 
-425 000


200 000 
200 000


110 000 
150 000


220 000 
300 000


130 000 
250 000

 
The toy store’s cost of capital is 12%. The extract from present value tables of £1 @ 12%: 

Year 1 
0.893

Year 2 
0.797

Year 3 
0.712

Year 4 
0.636

 

Calculate for each building: 

o Payback 
o Net Present Value  

Recommend and justify, based on your financial analysis, which Toy Store, Mr May  should purchase. 

Delivery and Submission 

1x Financial Decisions Report – 1000 words 

Task 3 of 3 – Financial Analysis Report (AC 4.2)  
For this task, you are employed as an adviser to a team of Toy Store Owners.  For research, you should review the published accounts of Hamleys Group Limited (Toy  Store), which can be downloaded from 
https://beta.companieshouse.gov.uk/company/02352435/filing-history 
You are required to prepare a financial analysis report that includes the following: • An evaluation of the financial statements of Hamleys Group Limited. You should  evaluate the structure, format and requirements of their published accounts.  • A description of how the following ratios could be used by organisations, such as  Hamleys Group Limited and their stakeholders.  
You should consider the following ratio groups: 
o Profitability 
o Liquidity 
o Efficiency 
o Capital 
o Investor 
Delivery and Submission 

1x Financial Analysis Report – 750 words 

Referencing: 

Each section must reflect any supporting Harvard style citations. 
A comprehensive Harvard style reference list must be included at the end of the  work.  

Evidence to be submitted: 

Financial Advice Report – 750 words 
Financial Decisions Report – 1000 words 
Financial Analysis Report – 750 words

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