Consider the travel network shown in Figure 13.12 in which the probabilities of selecting a route from

Question:

Consider the travel network shown in Figure 13.12 in which the probabilities of selecting a route from each node are shown in parentheses.

a. Develop a Monte Carlo simulation model to determine the expected trip time from node 1 to node 7.

b. Simulate 10 trips and calculate the expected trip time.

Monte Carlo simulation
Monte Carlo simulation is a technique used to understand the impact of risk and uncertainty in financial, project management, cost, and other forecasting models. A Monte Carlo simulator helps one visualize most or all of the potential outcomes to...