Question: Use RiskOptimizer software in @RiskExcel to run model to do it. However, you don't need to use this software to do it. Only need to
Use RiskOptimizer software in @RiskExcel to run model to do it. However, you don't need to use this software to do it. Only need to tutor on what(Formula) should be put to column D13, D15, D16, D17,and D18 on the Risk excel screenshot in the bottom. Also just answer in words of the understanding of optimization logs. Thanks!
Here's the original question:
Six months before its annual convention, the American Medical Association (AMA) must determine how many rooms to reserve. At this time AMA can reserve rooms at a cost of $ 150 per room. The AMA believes the number of doctors attending the convention will be normally distributed with a mean of 5000 and a standard deviation of 1000. If the number of people attending the convention exceeds the number of rooms reserved, extra rooms must be reserved at a cost of $250 per room.
Use RiskOptimizer to determine optimal number of rooms that AMA needs to book to minimize the expected cost to the AMA. Use 500 iterations and 1000 trials. Please:
Save your file frequently and do not use risksimtable.
In the Advanced tab of RiskOptimizer, please turn off the Multiple CPU option.
Screenshot of the Risk excel:
https://drive.google.com/file/d/1bHfw1qbNJYZOozaSdD5NzVEHdfZn1Wxg/view?usp=sharing
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