Use the Newsvendor Model spreadsheet to set up and run a Monte Carlo simulation assuming that demand
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Use the Newsvendor Model spreadsheet to set up and run a Monte Carlo simulation assuming that demand is triangular with minimum value = 40, maximum value = 50, and most likely value = 47. Find the distribution of profit for order quantities between 40 and 50 to identify the best order quantity. Use 100 simulation trials.
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Data Selling price 1800 Cost 1200 Discount price 900 Model Demand 49 Purchase Quantity 44 Quantity Sold 44 Surplus Quantity 0 Profit 26400 Unit Cost a 40 b 50 c 47 R 09363385 F c 070 Triangular Random ...View the full answer
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