Question: 1 3 - 4 What are the major steps in the simulation process? 1 3 - 1 4 Clark Property Management is responsible for the
What are the major steps in the simulation process?
Clark Property Management is responsible for the maintenance, rental, and daytoday operation of a large apartment complex on the east side of New Orleans. George Clark is especially concerned about the cost projections for replacing air conditioner compressors. He would like to simulate the number of compressor failures each year over the next years. Using data from a similar apartment building he manages in a New Orleans suburb, Clark establishes the following table of relative frequency of failures during a year:
He decides to simulate the year period by selecting twodigit random numbers from the third column of Table starting with the random number
Conduct the simulation for Clark. Is it common to have three or more consecutive years of operation with two or fewer compressor failures per year?
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