(All answers were generated using 1,000 trials and native Excel functionality.)
The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows:
| Procurement Cost ($) |
Probability |
Labor Cost ($) |
Probability |
Transportation Cost ($) |
Probability |
| 10 | 0.25 | 20 | 0.10 | 3 | 0.75 |
| 11 | 0.45 | 22 | 0.25 | 5 | 0.25 |
| 12 | 0.30 | 24 | 0.35 | ||
| 25 |
0.30 |
| (a) | Construct a simulation model to estimate the average profit per unit. What is a 95% confidence interval around this average? |
| Round your answers to two decimal places. | |
| Lower Bound: $ | |
| Upper Bound: $ |
| (b) | Management believes that the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability that the profit per unit will be less than $5. What is a 95% confidence interval around this proportion? |
| Round your answers to one decimal of a percentage. | |
| Lower Bound: % | |
| Upper Bound: % |
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