Refer to Problem 14-19. Suppose the sale of football programs described by the probability distribution in that
Question:
NUMBER (IN 100s) OF
PROGRAMS SOLD PROBABILITY
12 .............0.25
13 .............0.24
14 .............0.19
15..............0.17
16 .............0.15
Programs must be printed two days prior to game day. The university is trying to establish a policy for determining the number of programs to print based on the weather forecast.
(a) If the forecast is for a 20% chance of bad weather, simulate the weather for ten games with this forecast. Use column 4 of Table 14.4.
(b) Simulate the demand for programs at 10 games in which the weather is bad. Use column 5 of the random number table (Table 14.4) and begin with the first number in the column.
(c) Beginning with a 20% chance of bad weather and an 80% chance of good weather, develop a flowchart that would be used to prepare a simulation of the demand for football programs for 10 games.
(d) Suppose there is a 20% chance of bad weather, and the university has decided to print 2,500 programs. Simulate the total profits that would be achieved for 10 football games.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Quantitative Analysis for Management
ISBN: 978-0132149112
11th Edition
Authors: Barry render, Ralph m. stair, Michael e. Hanna
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