Reference no: EM13990289
Question: Problem set/requirements should be self explanatory. can use excel to finalize and show answers.
1. Open "E-Commerce Service.xlsx" and answer the questions in the file and submit your simulation file. To better understand the problem and the simulation process, you should watch the accompanying video in the following link: https://www.palisade.com/examples/en/risk/ECommerce/
2. In order to generate a discrete random variable, you can use the "RANDDISCRETE" function from SimVoi. Study the RandDiscrete function explained on pp. 127-128 of the document "Monte Carlo Simulation Using SimVoi."
Now consider the number "X" of patients waiting for flu vaccine at Karle clinic that has the following probability distribution:
X
|
Probability
|
1
|
0.2
|
2
|
0.3
|
3
|
0.4
|
4
|
0.1
|
Using RANDDISCRETE function, write a simulation model, i.e., an Excel or SimVoi formula that generates this random value with the above probability distribution. Submit your Excel file that contains your simulation model. (You don't have to perform the Monte Carlo simulation).
Note:
I just realized that it is not easy to see the third question in the E-Commerce Excel file. (Question (1) and (2) are visible, but question (3) is visible only if you click on the text box.) My apologies for any inconvenience. Let me reproduce all the questions from the E-Commerce case below.
E-Commerce Service
Suppose that your company offers an E-Commerce service. You want to figure out the optimal "reserved" capacity of E-Commerce transactions per month, i.e., up to how many transactions are allowed per day. Each unit of reserved transaction costs $0.80, but each actual transaction brings a revenue of $1. The daily demand for transactions is a normal random variable with mean = 2 million and standard deviation = 500,000. In the file below, the profit per day is simulated for a test value of capacity (C10) so that you could choose the one with the "best" profit.
(1) Set the transaction capacity (C10) at 2 million, and perform Monte Carlo simulation of the profit (C15) with 1000 trials. What is your estimate and 95% confidence interval for the "expected value of the profit"?
(2) Even though the transaction demand is normally distributed, the simulated profit data (from the SimVoi Histogram from question (1)) does not seem to have a normal distribution. Why do these two quantities have different probability distributions?
(3) Repeat (1) for transaction capacity of 1.5 million. Repeat it for transaction capacity of 2.5 million. Of the three capacity values, which one is the best choice?
Attachment:- E-commerce-service.xlsx
Write a program that asks the user
: Tsubo is a Japanese unit of measure for area. One Tsubo is equal to 35.58 square feet. Write a program that asks the user if they want to convert from Tsubo to square feet or from square feet to Tsubo
|
Particular brand of car battery
: Assume that the mean life of a particular brand of car battery is normally distributed with a mean of 28 months and a standard deviation of 4 months.
|
Effects of heat and acid on bone
: As you have learned, bones are a key component in the strength and support of the body. Remarkably, bones are fairly light weight but can resist large amounts of stress. Within the bone, collagen fibers provide the strength and flexibility that bones..
|
Volume dispensed is normally distributed
: A coffee-dispensing machine used in cafeterias is set to dispense coffee with an average fill of 230 ml and a standard deviation of 10 ml per cup. Assume that the volume dispensed is normally distributed.
|
Generate a discrete random variable
: Write a simulation model, i.e., an Excel or SimVoi formula that generates this random value with the above probability distribution.
|
What is the probability that the job will take
: (a) If a customer brings her BMW in for its first service, what is the probability that the car will be ready within one hour? (b) What is the probability that the job will take more than an hour and a half? (c) What percentage of first services will..
|
What angle will the first diffraction minimum be found
: An electron microscope produces electrons with a 2.05 pm wavelength. If these are passed through a 1.05 nm single slit, at what angle will the first diffraction minimum be found?
|
Write an expression for the magnitude of the electric field
: An electron (m = 9.109 x 10-31kg) is in the presence of a constant electric field E. The electron has a charge of e = 1.602 x 10-19 C and it accelerates at a rate of a = 7800 m/s2. Write an expression for the magnitude of the electric field.
|
Determining the minimum mass of the heaviest
: (a) What percentage of the containers is not likely to meet the producer's specification of at least 18 grams per container? (b) What is the minimum mass of the heaviest 15% of containers?
|