ABC Firm provides financial services to customers. One of the firms services is to process loan applications. Applicants arrive at the firm with exponential interarrival times Exp( = 1.25) hours. Each application has to go through 4 steps: check credit, prepare the contract, price the loan, and disburse the funds. Each of the 4 steps take about Exp( = 1) hours. There are 4 employees in the firm, namely Alfie, Betty, Chuck, and Doris. Each is able to process any of the work in the above 4 steps. The firm have designed two systems, Serial Processing (SP) and Parallel Processing (PP). See Figure 1. (Note: the sum of n Exp() variables is NOT n Exp()!)\

Figure 1: Two processing systems. Requirements - Now, the ABC Firm wants you to recommend the best system between SP and PP. The firm is interested in the average and maximum number of work in progress (WIP) of applications, and the average and maximum time in system (TIS) of the applications. Build a model and run the simulation for 2080 hours (i.e., working hours in a year). Include basic 2D animations for SP and PP. Design and conduct your own experiments (e.g., repeated simulations and confidence intervals) to reach the conclusion. Provide discussion and rationale for your recommendation