Over the summer, suppose you and a friend came up with the idea for a new business venture. The two of you first decide to create and run a simulation study of the business in order to have a better understanding of its stochastic nature. While running the simulation, you both decide to model and study several variables such as , and 1/. Based on the interpretations of these symbols used in this course (in the topic of Queues and Simulation), if is the average number of customers arriving at your business each hour (i.e., mean arrival rate), then, what is 1/ ?

Mean wait time in the system

Number of channels assumed in the simulation

Number of phases in the simulation

Mean service rate (The average number of customers served per hour)

Mean time in the queue

Mean arrival time

Mean inter-arrival time