Homework answers / question archive / University of Cincinnati BANA 2082 Quiz 14A 1)The company identified in Chapter 14, Analytics in Action, is   The Analytics in Action example in Chapter 14 concerned Chapter 14 focuses on     A                             uses repeated random sampling to represent uncertainty in a model representing a real system and that computes the values of model outputs

University of Cincinnati BANA 2082 Quiz 14A 1)The company identified in Chapter 14, Analytics in Action, is   The Analytics in Action example in Chapter 14 concerned Chapter 14 focuses on     A                             uses repeated random sampling to represent uncertainty in a model representing a real system and that computes the values of model outputs

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2. Consider Question 1, what is the optimal price for Sky Eagle? Round your answer to two decimal places.

 

3. Consider Question 1, what is the optimal price for Horizon? Round your answer to two decimal places.

 

 

 

 

 

 

 

4. (All answers were generated using 1,000 trials and native Excel functionality.)

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:

 

 

Compute profit per unit for base-case. The base case is the most likely case. Enter your answer without a dollar sign

5. Consider Question 4, what is the profit per unit for best-case? Enter your answer without a dollar sign.

 

6. Consider Question 4, what is the profit per unit for worst-case? Enter your answer without a dollar sign.

 

7. Consider Question 4, construct a simulation to estimate the mean profit per unit. Enter your answer without a dollar sign rounded to two decimal places.

 

8. Consider Question 7, management believes that the project may not be sustainable if the profit per unit is less than $4. Use simulation to estimate the probability the profit per unit will be less than $4. Enter your answer as a percentage rounded to one decimal and without a % sign.

 

Quiz 14B

1. The choice of the probability distribution for a random variable can be guided by

 

2. The                           function in Excel is used to compute the statistics required to create a histogram.

 

 

3. The Excel function                           generates integer values between lower and upper bounds.

 

4. In a simulation process, the error of the estimates of the output can be reduced by

 

5. The process of determining that a computer program implements a simulation model as it is intended is known as

 

6. Which of the following is true of verification?  
7.                               is the process of determining that a simulation model provides an accurate representation of a real system.

 

8. Which of the following is a disadvantage of using simulation?