Question
In: Statistics and Probability
its a statistic ASSIGNMENT The management of Madeira Manufacturing Company is considering the introduction of a...
its a statistic ASSIGNMENT
The management of Madeira Manufacturing Company is considering the introduction of a new product. The fixed cost to begin the production of the product is $3000 The variable cost for the product is uniformly distributed between $16 and $24 per unit with most likely value of $20 per unit. The product will sell for $50 per unit. Demand for the product is expected to range from 300 to 2100 units, with 1200 units the most likely demand
1-using 30 trials simulation to develop the profit model for this product.USE EXCEL TO SOLVE IT
2-compute the mean, min and max for profit
3-what is the probability of loss
4-provide the base case, worst case, best case, analysis in case of simulation and not simulation, compare between them.
5-discuss why simulation would be desirable.
Solutions
orchestra answered 1 year agoRelated Solutions
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