In: Finance
Susan Winslow has two alternative routes to travel from her home
in Olport to her office in Lewisburg. She can travel on Freeway 5
to Freeway 57 or on Freeway 55 to Freeway 91. The time
distributions are as follows:
Freeway 5 |
Freeway 57 |
Freeway 55 |
Freeway 91 |
||||
Relative |
Relative |
Relative |
Relative |
||||
Time |
Frequency |
Time |
Frequency |
Time |
Frequency |
Time |
Frequency |
5 |
0.30 |
4 |
0.10 |
6 |
0.20 |
3 |
0.30 |
6 |
0.20 |
5 |
0.20 |
7 |
0.20 |
4 |
0.35 |
7 |
0.40 |
6 |
0.35 |
8 |
0.40 |
5 |
0.20 |
8 |
0.10 |
7 |
0.20 |
9 |
0.20 |
6 |
0.15 |
8 |
0.15 |
Do a five-day simulation of each of the two combinations of
routes using the random numbers below. Based on this simulation,
which routes should Susan take if her objective is to minimize her
total travel time?
Freeway 5 |
63 |
88 |
55 |
46 |
55 |
Freeway 57 |
59 |
09 |
57 |
87 |
07 |
Freeway 55 |
71 |
95 |
83 |
44 |
34 |
Freeway 91 |
51 |
79 |
09 |
67 |
15 |
Then do a 365-day simulation of each of the two combinations of routes using Microsoft Excel. Based on this simulation, are the routes Susan should take different from the above? If so, why?
Statement of Random No. Of Range | |||
For Freeway 5 | |||
Time | Frequency | Cummulative Frequency | Range |
5 | 0.3 | 30 | 0-29 |
6 | 0.2 | 50 | 30-49 |
7 | 0.4 | 90 | 50-89 |
8 | 0.1 | 100 | 90-99 |
For Freeway 57 | |||
Time | Frequency | Cummulative Frequency | Range |
4 | 0.1 | 10 | 0-9 |
5 | 0.2 | 30 | 10-29 |
6 | 0.35 | 65 | 30-64 |
7 | 0.2 | 85 | 65-84 |
8 | 0.15 | 100 | 85-99 |
For Freeway 55 | |||
Time | Frequency | Cummulative Frequency | Range |
6 | 0.2 | 20 | 0-19 |
7 | 0.2 | 40 | 20-39 |
8 | 0.4 | 80 | 40-79 |
9 | 0.2 | 100 | 80-99 |
For Freeway 91 | |||
Time | Frequency | Cummulative Frequency | Range |
3 | 0.3 | 30 | 0-29 |
4 | 0.35 | 65 | 30-64 |
5 | 0.2 | 85 | 65-84 |
6 | 0.15 | 100 | 85-99 |
Statemant of Simulated Data | ||||||||||
Day | Freeway 5 | Freeway 57 | Freeway 55 | Freeway 91 | Minimum Time Rought | |||||
R.No | Time | R.No | Time | R.No | Time | R.No | Time | Freeway | Time | |
1 | 63 | 7 | 59 | 6 | 71 | 8 | 51 | 4 | from 91 | 4 |
2 | 88 | 7 | 9 | 4 | 95 | 9 | 79 | 5 | From 57 | 4 |
3 | 55 | 7 | 57 | 6 | 83 | 9 | 9 | 3 | From 91 | 3 |
4 | 46 | 6 | 87 | 8 | 44 | 8 | 67 | 5 | From 91 | 5 |
5 | 55 | 7 | 7 | 4 | 34 | 7 | 15 | 3 | From 91 | 3 |