Richard Collins manager and owner of Richard s Tire Service wishes
Richard Collins, manager and owner of Richard’s Tire Service, wishes to use simulation to analyze the operation of his shop. One of the activities to be included in the simulation is the installation of automobile tires (including balancing the tires). Richard estimates that the cumulative distribution function (CDF) of the probability distribution of the time (in minutes) required to install a tire has the graph shown below.
(a) Use the inverse transformation method to generate five random observations from this distribution when using the following five uniform random numbers: 0.2655, 0.3472, 0.0248, 0.9205, 0.6130.
(b) Use a nested IF function to write an equation that Excel can use to generate each random observation from this distribution.
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