Please use Excel and DecisionSuite software to Solve:

In a manufacturing system, two processes (Process 1 and Process 2) are available for producing a given product. The cost of production for Process 1 is denoted as S1 , and for Process 2 as S2 . These costs vary due to factors such as raw material prices, labor efficiency, and equipment reliability, which can be modeled as stochastic variables. The goal is to select the process with the minimum cost while considering the variability and risk associated with each option. Construct models for process 1 and process 2 and perform 500 simulations.

S1 = (3*X1) + (Y1)^2

S2= X2 + Y2

X1 ~ Normal (4, 1) Y1~Beta (3, 2) X2 ~ Normal (3, 1) Y2~Beta (2, 1)

a) Estimate the mean and the standard deviation for the two processes.

b) Compare the two alternatives, which process would be better? Why (discuss based on the expected value and the dominance)?