$(10$ Points$)$ Question $11,$ Quantitative Methods for Business, Chapter $16.$

a$.($PS$1-10$ Points$)$ Create a flowchart similar to the example in your textbook. A flowchart is a very useful tool to conceptualize a problem before building a simulation. The flowchart will help you $1)$ think through the logic of the problem, $2)$ streamline the simulation building process, and $3)$ validate the simulation. Include your calculations in this spreadsheet $($e$.$g$.,$ Total Revenue $=$$$15Q).$

b$.$ If you do not have flowcharting software, I recommend using Powerpoint or LucidCharts $($a free Google add$-$in$)$

c$.$ Save your file as a pdf or insert an image on a separate worksheet in your Excel file.

$(50$ points$)$ Question $11,$ Quantitative Methods for Business, Chapter $16.$

a$.($PS$1-5$ points and PS$2-5$ points$)$ part a

b$.($PS$1-5$ points, PS$2-5$ points, PS$6-10$ points$)$ part b

i$.$ Callculate the following output statistics: Net Profit, Standard Deviation of Profit, Min and Max profit.

ii$.$ Include at least $3$ additional output statistics that would be useful in your recommendation when comparing the three simulation models.

c$.($PS$2-10$ points$)$ part c

i$.$ Include the same output statistics from part b$.$

d$.($PS$4-10$ points$)$ part d$.$

i$.$ What trade$-$offs occur across the three production quantities?

ii$.$ What is your recommendation? Use the results of your simulation study and the output statistics to justify your recommendation.