Modeling a Small Scale Business Outfit With M/M/1 Markovian Queuing Process and Revenue Analysis

This article presents a queuing model on the operation of a small business which are often visited with a lot of set- backs and uncertainties.  Probability models were derived for two system characteristics namely the customers' inter-arrival rate (It), the service time per customer (Yt), and the Service charge (Ct) per customer was also recorded. This data collected were subjected to single factor analysis of variance with fixed effect to confirm whether the data came from the same population distribution. However it was observed that the inter-arrival time for the customers was exponential, service rate also exponential.............

Optimization of Entrepreneurship by the Application of Linear Programming Technique

This study tries to factor O.R (optimization) into entrepreneurship for the purpose of profit maximization. Primary data from an entrepreneur was collected. The data analysis, optimization application software (TORA) was used. The optimal solution were X2 (moccasin) = 9.09 and X3 (Italian) = 6.36 for a profit of Zmax = N2836.36 and it was concluded that the entrepreneur (shoe producer) should produce 9.09 units of moccasin and 6.36 units of Italian shoes for a daily profit of N2836.36 and that they should not produce X2 (paddock) and X4 (cover front) types of shoes in the face of the constraints posed by the operating environment. Keywords: Entrepreneur, optimization, profit maximization.