Generate the histogram, You may optionally use the Palisade

Generate the histogram

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Reference no: EM132274836

Assignment -

Q1. Suppose your company wanted to determine the amount of sales of a new SUV model, called Lightning. The sales estimate would be based on the overall demand of various SUV model types. Overall demand is assumed to be normally distributed with a mean of 3 million units and standard deviation of 500,000 units. The share of demand that Lightning will take is assumed to be 4%. After running 1,000 simulated scenarios, a 95% confidence interval was constructed for the expected sales of Lightning units sold with limits of 93,048 and 146,964.

1. If 1,000 new simulated scenarios were run, would you get the exact result? Explain why.

2. Would the results be more stable if you ran 2,000 runs? Explain why.

3. Is there a number of simulations that can be run so that the results do not change if you re-ran the simulations? Explain

Q2. Suppose your company wanted to determine the amount of sales of a new SUV model, called Lightning. The sales estimate would be based on the overall demand of various SUV model types. Overall demand is assumed to be normally distributed with a mean of 3 million units and standard deviation of 500,000 units. The share of demand that Lightning will take is assumed to be 4%. After running 1,000 simulated scenarios, a 95% confidence interval was constructed for the expected sales of Lightning units sold with limits of 93,048 and 146,964.

1. If a mean of 6 million units was used in the simulation, how would the confidence interval change? Explain.

2. How would the confidence interval change if a standard deviation of 250,000 was used? Explain

Q3. Using specified data files, chapter example files, and templates from the "Topic 2 Student Data, Template, and Example Files" topic material, complete Chapter 15, Problems 2, 7, 9, 32 (parts a and b only), 33, and 35 from the textbook. Use the Palisade DecisionTools Excel software to complete these problems where requested and applicable. Problem 2 only requires the use of Microsoft Excel; however, you may optionally use the Palisade DecisionTools Excel software to generate the histogram.

Use the Palisade DecisionTools Excel software to complete the rest of the problems and ensure that all Palisade software output is included in your files. Unless otherwise stated, run simulations with 1,000 trials. Use 500 trials if the software will not allow you to run 1,000 trials. Ensure that only one Excel file is open when running a simulation.

To receive full credit on the assignment, complete the following.

1. Ensure that the Palisade software output is included with your submission.

2. Ensure that Excel files include the associated cell functions and/or formulas if functions and/or formulas are used.

3. Include a written response to all narrative questions presented in the problem by placing it in the associated Excel file.

4. Include screenshots of all simulation distribution results for output variables.

Note - Instructions: Please note that the attachments are only relevant for number 3. Need to see your discussion for number 3.

Attachment:- Assignment Files.rar

Reference no: EM132274836

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