c. Develop a Monte Carlo Simulation using Analytic Solver to simulate Band Profit. Expected crowd is normally
Fantastic news! We've Found the answer you've been seeking!
Question:
c. Develop a Monte Carlo Simulation using Analytic Solver to simulate Band Profit. Expected crowd is normally distributed with a mean of 3000 and standard deviation of 400. Avg Concesions Sales is distributed with a Triangular Distribution | |||||||||||||||||||||||||
Band's profit is 80% of the total revenues minus fixed cost | |||||||||||||||||||||||||
BAND PROFIT: ( Total Revenue%*Total Revenues) - FC | |||||||||||||||||||||||||
Write functions for the highlighted cells. | |||||||||||||||||||||||||
Use Analytic Solver with 1000 trials, random seed number 1. Show the chart and answer the question. Run the simulation report. | |||||||||||||||||||||||||
Garage Band | |||||||||||||||||||||||||
MEAN | S.D. | CHART within the Report or separately | |||||||||||||||||||||||
Expected Crowd | 3000 | 400 | people | ||||||||||||||||||||||
min | likely | max | |||||||||||||||||||||||
Average Concessions Expenditure | $15.00 | $25.00 | $30.00 | ||||||||||||||||||||||
Fixed Cost | $12,000.00 | ||||||||||||||||||||||||
Ticket Price | $10.00 | ||||||||||||||||||||||||
REVENUE FROM TICKETS | |||||||||||||||||||||||||
REVENUE FROM CONCESSION SALES | |||||||||||||||||||||||||
TOTAL REVENUES | |||||||||||||||||||||||||
REVENUE PERCENTAGE | 80% | ||||||||||||||||||||||||
BAND PROFIT | |||||||||||||||||||||||||
What is the mean profit and standard deviation? | |||||||||||||||||||||||||
Read from your report output | |||||||||||||||||||||||||
Simulation report output on a tab |
Related Book For
Posted Date: