I am stuck on trying to figure out how to get started? Can someone maybe push me in the right direction?
A bank that is planning to install an ATM must choose between buying one Zippytel machine or two Klunkytel machines. Although one Zippy costs twice as much to purchase, install, and operate as one klunky, the Zippy works twice as fast. Since the total cost to the bank is the same regardless of the decision, the mangers would like to install the system that will provide the best service. From available data, it appears that during a certain rush period, customers arrive one at a time according to a Poisson process, with rate 1 per minute. Zippy service times are exponentially distributed with mean of 40 seconds. Klunky service times are exponentially distributed with mean 80 seconds.
I need to use continuous time Markov Chains to Model the system. I am just lost on where to start.