Need help with steps a, b, and d.

Thanks

The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows: Labor Procurement Cost($) Probability Probability Cost ($) Transportation Cost ($) Probability 10 0.25 20 0.10 3 0.75 11 0.45 22 0.25 5 0.25 12 0.30 24 0.35 25 0.30 (a) Compute profit per unit for the base-case, worst-case, and best-case scenarios. Base Case using most likely costs Profit = $ /unit Worst Case Profit = $ /unit Best Case Profit = $ $ /unit (b) Construct a simulation model to estimate the mean profit per unit. (Use at least 1,000 trials.) $ (c) Why is the simulation approach to risk analysis preferable to generating a variety of what-if scenarios? Simulation will provide a distribution of the profit per unit values which can then be used to find the probability of an unacceptably low profit. (d) Management believes the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability the profit per unit will be less than $5. (Round your answer to three decimal places.) Show your work for parts (b) and (d). Upload your spreadsheet. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen This answer has not been graded yet. The management of Brinkley Corporation is interested in using simulation to estimate the profit per unit for a new product. The selling price for the product will be $45 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated as follows: Labor Procurement Cost($) Probability Probability Cost ($) Transportation Cost ($) Probability 10 0.25 20 0.10 3 0.75 11 0.45 22 0.25 5 0.25 12 0.30 24 0.35 25 0.30 (a) Compute profit per unit for the base-case, worst-case, and best-case scenarios. Base Case using most likely costs Profit = $ /unit Worst Case Profit = $ /unit Best Case Profit = $ $ /unit (b) Construct a simulation model to estimate the mean profit per unit. (Use at least 1,000 trials.) $ (c) Why is the simulation approach to risk analysis preferable to generating a variety of what-if scenarios? Simulation will provide a distribution of the profit per unit values which can then be used to find the probability of an unacceptably low profit. (d) Management believes the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability the profit per unit will be less than $5. (Round your answer to three decimal places.) Show your work for parts (b) and (d). Upload your spreadsheet. (Submit a file with a maximum size of 1 MB.) Choose File No file chosen This answer has not been graded yet