In: Statistics and Probability
Observations are generated using the function randbetween. the syntax is =randbetween(270,330)
The frequency distribution observations thus generated is given above.
estimated that 3% of reservations are cancelled taking that in to consideration while calculating the net profit we have the formulas given below
for bookings upto 300 we calculate the net profit using the formula
=(# booked-3%*#booked)*120-25000
and for the net occupancies greater than 300
Net profit is calculated using the formula =300*120-(#booked-300)*$200-$25000
based on tha above calculations we have the following frequency table for net profit
a) the average net profit is 9224.12
b)Probability of having net profit more than 8000
Out of 1000 trials 729 are having more than net profit 8000 hence the required probability i=729/1000=0.729
c)
Probability of having all the rooms occupied by the guest= Probability of trials having value greater than or equal to 300 =360/1000 according to the above table(Hint: count all thr frequencies above 300)