Spreadsheet model for performing computer simulation

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Reference no: EM132232607

Jessica Williams, manager of kitchen appliances for the Midtown Department Store, feels that her inventory levels of stoves have been running higher than necessary. Before revising the inventory policy for stoves, she records the number sold each day over a period of 25 days, as summarized below.

Number sold 2 3 4 5 6

Number of days 4 7 8 5 1

Use these data to estimate the probability distribution of daily sales.

Calculate the mean of the distribution obtained in part a.

Describe how random numbers can be used to simulate daily sales.

Use the random numbers 0.4476, 0.9713, and 0.0629 to simulate daily sales over three days. Compare the average with the mean obtained in part b.

Formulate a spreadsheet model for performing a computer simulation of the daily sales. Perform 300 replications and obtain the average of the sales over the 300 simulated days.

Generate three random observations from the uniform distribution between −10 and 40 by using the following random numbers: 0.0965, 0.5692, 0.6658.

Reference no: EM132232607

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