Exercise 4 Consider the following demand pattern for a product for the past 50 weeks. Compute the probabilities and the cumulative probabilities. Rewrite the Demand values in the last column so that the VLOOKUP function can be used appropriately in Excel to simulate Demand Demand Frequency (Units) (Weeks) Prob Cumulative Demand Prob 22 22 110 120 130 140 Total 11 16 15 8 50 .30 1. In order to simulate demand for the next 10 weeks, you generate the following random numbers. For each random number, write down the corresponding demand value based on the probability distribution table above. Demand Random Number 0.57 0.88 0.01 0.23 0.37 0.95 0.75 0.61 0.15 0.24 2. In the simulation above, what percent of the time is the demand observed to be greater than 1202 Answer: Exercise 6 Consider the following pattern of grades in a Business Analysis course for 1000 students over the past 2 years. Rewrite the grade values in the last column so that the VLOOKUP function can be used appropriately in Excel to simulate Demand Grade Frequency (# of students) Prob Cumulative Grade Prob 90 110 150 200 125 100 75 75 50 25 1000 1. In order to simulate grades for 10 students, you generate the following random numbers. For each random number, write down the corresponding grade based on the probability distribution table above. Grade Random Number 0.32 0.98 0.01 0.23 0.37 0.88 0.55 0.79 0.15 0.22 2. In the simulation above, what percent of the time did the students make a Cor better