Hi, I need help for (E-K) This question relates to Simulation Modelling (Business Analytics) Thanks

INFOMGMT290 Question Booklet e. In the following excerpt of the spreadsheet, the cost of each patron's prize is calculated: AB AC AD AE AF AG AH 21 22 Costs: 23 $12 $12 $8 $5 $5 $8 BTSpeak BTSpeaker 24 er (Blue) (Purple) Earphones Pen (Blacl Pen (Red) Voucher Total Cost: 25 0 0 0 0 0 $5 26 0 0 0 1 0 0 $5 27 0 o 1 0 o 0 $8 28 1 0 0 0 0 0 $12 One way to perform the calculation in cell AH27 is "=AB23*AB27+AC23*AC27+AD23*AD27+AE23*AE27+AF236AF27+AG23*AG 27". Suggest a simpler formula to perform the same calculation, using an Excel function covered in this course. Write the formula that goes into cell AH27 in your answer. (2 marks) The following is a BoT graph of the prizes' inventory level (from patron 1 to 25): 4 2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 --- BTSpeaker (Blue) ...... BTSpeaker (Purple) Earphones -Pen (Black) --Pen (Red) f. Based on this prediction of the inventory levels, considering also the circumstances described in the scenario, if we are only expecting 25 patrons, which prizes should we prepare more or less? Why? You may make and state any relevant assumptions in your answer, but do not include factors beyond what is given in the scenario. (5 marks) g. Storage is a concern because there is no storage space at the stall. You only have a stool and the giant wheel with limited floor space. Keeping 5 units of each price (including the packaging) will be a hassle. In light of this BoT graph, suggest an alternative strategy for handling the inventory of prizes. What changes are required in the simulation model that reflects the reality of the alternative strategy? Will you need to simulate more uncertainties? Describe these points in detail, with made up examples. (6 marks) h. Describe and discuss the practical concerns about using this BoT graph to support decision making in terms of inventory strategies. You should discuss in your answer other practical factors that are related to the scenario. For example, the patrons' feelings, revenues for the Carnival, etc. Be creative. (5 marks) Page 10 of 14 INFOMGMT290 Question Booklet The following parts are about the structure of the Carnival simulation model. i. Is this a dynamic simulation model? Why/why not? Justify your answer with specific description of the model's characteristics. (5 marks) j. If the inventory part of the model is removed (only the prizes part on the left hand side remains), will the resulting model be dynamic? Why/why not? Justify your answer with specific description of the model's characteristics. (5 marks) k. Consider a version of this model without the inventory part (as in part j). Suggest 2 ways that this model and its output(s) can be useful in supporting decisions for the operation of this carnival game. (5 marks) INFOMGMT290 Question Booklet e. In the following excerpt of the spreadsheet, the cost of each patron's prize is calculated: AB AC AD AE AF AG AH 21 22 Costs: 23 $12 $12 $8 $5 $5 $8 BTSpeak BTSpeaker 24 er (Blue) (Purple) Earphones Pen (Blacl Pen (Red) Voucher Total Cost: 25 0 0 0 0 0 $5 26 0 0 0 1 0 0 $5 27 0 o 1 0 o 0 $8 28 1 0 0 0 0 0 $12 One way to perform the calculation in cell AH27 is "=AB23*AB27+AC23*AC27+AD23*AD27+AE23*AE27+AF236AF27+AG23*AG 27". Suggest a simpler formula to perform the same calculation, using an Excel function covered in this course. Write the formula that goes into cell AH27 in your answer. (2 marks) The following is a BoT graph of the prizes' inventory level (from patron 1 to 25): 4 2 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 --- BTSpeaker (Blue) ...... BTSpeaker (Purple) Earphones -Pen (Black) --Pen (Red) f. Based on this prediction of the inventory levels, considering also the circumstances described in the scenario, if we are only expecting 25 patrons, which prizes should we prepare more or less? Why? You may make and state any relevant assumptions in your answer, but do not include factors beyond what is given in the scenario. (5 marks) g. Storage is a concern because there is no storage space at the stall. You only have a stool and the giant wheel with limited floor space. Keeping 5 units of each price (including the packaging) will be a hassle. In light of this BoT graph, suggest an alternative strategy for handling the inventory of prizes. What changes are required in the simulation model that reflects the reality of the alternative strategy? Will you need to simulate more uncertainties? Describe these points in detail, with made up examples. (6 marks) h. Describe and discuss the practical concerns about using this BoT graph to support decision making in terms of inventory strategies. You should discuss in your answer other practical factors that are related to the scenario. For example, the patrons' feelings, revenues for the Carnival, etc. Be creative. (5 marks) Page 10 of 14 INFOMGMT290 Question Booklet The following parts are about the structure of the Carnival simulation model. i. Is this a dynamic simulation model? Why/why not? Justify your answer with specific description of the model's characteristics. (5 marks) j. If the inventory part of the model is removed (only the prizes part on the left hand side remains), will the resulting model be dynamic? Why/why not? Justify your answer with specific description of the model's characteristics. (5 marks) k. Consider a version of this model without the inventory part (as in part j). Suggest 2 ways that this model and its output(s) can be useful in supporting decisions for the operation of this carnival game