(Solving with excel workbook) A large corporation must reserve a hotel room block for its annual...

(Solving with excel workbook)

A large corporation must reserve a hotel room block for its annual stockholders' meeting. Based on history, the number of attendees will be normally distributed with mean 4900 and standard deviation 1000. Rooms can be reserved now for a cost of $150/room. If the number of rooms reserved is less than attendance, additional rooms must be reserved at a cost of $250/room. If the number of rooms reserved is greater than attendance, the corporation must indemnify the hotel at the rate of $75 per unused room.

The boss tells you: "I am going to reserve 4300, 4400, 4500, 4600, 4700, 4800, 4900, 5000, 5100, or 5200 rooms, whichever you recommend. Please give me your recommendation." (first number requested)

Redo the problem: The number attending has a triangular distribution with minimum 2000, most likely value 4900, and maximum value 6900. Again, he boss tells you: "I am going to reserve 4300, 4400, 4500, 4600, 4700, 4800, 4900, 5000, 5100, or 5200 rooms, whichever you recommend. Please give me your recommendation." (second number requested)

For the first part of the problem, what is the chance that the random number sampled from the normal is negative, to 3 significant decimal digits? (third number requested)

Solutions

Expert Solution

First number = 4900

Second number = 4600

Third number = 0.000

Excel sheet screenshots are attached below :

orchestra answered 1 year ago

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