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

Transcribed Image Text:

c. Develop a Monte Carlo Simulation using Analytic Solver to simulate Band Profit. Expected crowd is normally distrib 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 Expected Crowd Average Concessions Expenditure Fixed Cost $ 12,000.00 Ticket Price $ 10.00 REVENUE FROM TICKETS ENUE FROM CONCESSION SALES TOTAL REVENUES REVENUE PERCENTAGE BAND PROFIT 80% What is the mean profit and standard deviation? Read from your report output Simulation report output on a tab MEAN S.D. 3000 400 people min likely max $15.00 $25.00 $30.00 CHART v c. Develop a Monte Carlo Simulation using Analytic Solver to simulate Band Profit. Expected crowd is normally distrib 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 Expected Crowd Average Concessions Expenditure Fixed Cost $ 12,000.00 Ticket Price $ 10.00 REVENUE FROM TICKETS ENUE FROM CONCESSION SALES TOTAL REVENUES REVENUE PERCENTAGE BAND PROFIT 80% What is the mean profit and standard deviation? Read from your report output Simulation report output on a tab MEAN S.D. 3000 400 people min likely max $15.00 $25.00 $30.00 CHART v

Answer rating: 100% (QA)

first lets define the functions for the highlighted cells Function for Total Revenue SUMIFSBB AA Gar... View the full answer