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Exam 11: Simulation and Risk Analysis

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Exam 1: Introduction to Business Analytics50 Questionsadd course
Exam 2: Analytics on Spreadsheets52 Questionsadd course
Exam 3: Visualizing and Exploring Data50 Questionsadd course
Exam 4: Descriptive Statistical Measures79 Questionsadd course
Exam 5: Probability Distributions and Data Modeling50 Questionsadd course
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Exam 17: Optimization Models with Uncertainty50 Questionsadd course
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Using an empirical distribution precludes sampling values outside the range of the actual data.

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Question 1
Correct Answer:
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True

Use the information below to answer the following question(s). Consider the following spreadsheet for an outsourcing decision model. 1 \ A B 2 Outsourcing Decision Model 3 Data 4 5 Manufactured in-house 6 Fixed cost \ 60,000 7 Unit variable cost \ 130 8 9 Purchased from supplier 10 Unit cost \ 180 11 12 Demand volume \ 1,600 13 14 Model 15 16 Total manufacturing cost 17 Total purchased cost 18 19 Difference 20 Decision We assume that the production (demand)volume is normally distributed with a mean of 1,000 and a standard deviation of 100.For the unit cost, select the triangular distribution.It has a minimum value of $150, most likely value of $165, and a maximum value of $190.The number of trials per simulation is equal to 5,000 at a Sim.Random Seed of 1.Run the simulation and answer the following question(s)using the Risk Solver Platform. -What is the value of mean absolute deviation obtained from the simulation results?

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Question 2
Correct Answer:
Verified

C

Use the information below to answer the following question(s). Below is a spreadsheet for a hotel overbooking model. Use the information below to answer the following question(s). Below is a spreadsheet for a hotel overbooking model. Assume that each reservation has a constant probability p = 0.04 of being cancelled.Answer the question(s)using the Risk Solver Platform. -Which of the following cells is defined as an output cell? Assume that each reservation has a constant probability p = 0.04 of being cancelled.Answer the question(s)using the Risk Solver Platform. -Which of the following cells is defined as an output cell?

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Question 3
Correct Answer:
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D

Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the correlation of the market size with the NPV with reference to the sensitivity chart? Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the correlation of the market size with the NPV with reference to the sensitivity chart?: normal with mean of 2,000,000 units and standard deviation of 400,000 units. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the correlation of the market size with the NPV with reference to the sensitivity chart?: uniform between $600,000,000 and $800,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the correlation of the market size with the NPV with reference to the sensitivity chart?: lognormal with mean of $150,000,000 and standard deviation $30,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the correlation of the market size with the NPV with reference to the sensitivity chart?: triangular with minimum = 2%, maximum = 6%, and most likely = 3%. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the correlation of the market size with the NPV with reference to the sensitivity chart?: triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the correlation of the market size with the NPV with reference to the sensitivity chart?

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Question 4

Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest uncertainty in forecasting the future? Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest uncertainty in forecasting the future?: normal with mean of 2,000,000 units and standard deviation of 400,000 units. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest uncertainty in forecasting the future?: uniform between $600,000,000 and $800,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest uncertainty in forecasting the future?: lognormal with mean of $150,000,000 and standard deviation $30,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest uncertainty in forecasting the future?: triangular with minimum = 2%, maximum = 6%, and most likely = 3%. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest uncertainty in forecasting the future?: triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest uncertainty in forecasting the future?

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Question 5

Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What cumulative profit in the fifth year is likely to be realized with a probability of 0.50? Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What cumulative profit in the fifth year is likely to be realized with a probability of 0.50?: normal with mean of 2,000,000 units and standard deviation of 400,000 units. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What cumulative profit in the fifth year is likely to be realized with a probability of 0.50?: uniform between $600,000,000 and $800,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What cumulative profit in the fifth year is likely to be realized with a probability of 0.50?: lognormal with mean of $150,000,000 and standard deviation $30,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What cumulative profit in the fifth year is likely to be realized with a probability of 0.50?: triangular with minimum = 2%, maximum = 6%, and most likely = 3%. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What cumulative profit in the fifth year is likely to be realized with a probability of 0.50?: triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What cumulative profit in the fifth year is likely to be realized with a probability of 0.50?

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Question 6

Explain the process of running a simulation using Risk Solver Platform.

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Question 7

Answer the following question(s)using the Risk Solver Platform (5000 trials per simulation). Consider the spreadsheet for a Newsvendor Model. Answer the following question(s)using the Risk Solver Platform (5000 trials per simulation). Consider the spreadsheet for a Newsvendor Model. -Which of the following cells is defined as the uncertain function cell? -Which of the following cells is defined as the uncertain function cell?

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Question 8

Answer the following question(s)using the Risk Solver Platform (5000 trials per simulation). Consider the spreadsheet for a Newsvendor Model. Answer the following question(s)using the Risk Solver Platform (5000 trials per simulation). Consider the spreadsheet for a Newsvendor Model. -What is the purchase quantity lower cutoff if the likelihood is 75%? -What is the purchase quantity lower cutoff if the likelihood is 75%?

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Question 9

Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest mean net cumulative profit? Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest mean net cumulative profit?: normal with mean of 2,000,000 units and standard deviation of 400,000 units. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest mean net cumulative profit?: uniform between $600,000,000 and $800,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest mean net cumulative profit?: lognormal with mean of $150,000,000 and standard deviation $30,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest mean net cumulative profit?: triangular with minimum = 2%, maximum = 6%, and most likely = 3%. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest mean net cumulative profit?: triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -With reference to the trend chart, which year shows the highest mean net cumulative profit?

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Question 10

A normal distribution has a limited range and can be skewed in either direction.

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Question 11

Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the standard deviation obtained from the simulation results of the net present value? [Hint: Choose the approximate value.] Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the standard deviation obtained from the simulation results of the net present value? [Hint: Choose the approximate value.]: normal with mean of 2,000,000 units and standard deviation of 400,000 units. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the standard deviation obtained from the simulation results of the net present value? [Hint: Choose the approximate value.]: uniform between $600,000,000 and $800,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the standard deviation obtained from the simulation results of the net present value? [Hint: Choose the approximate value.]: lognormal with mean of $150,000,000 and standard deviation $30,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the standard deviation obtained from the simulation results of the net present value? [Hint: Choose the approximate value.]: triangular with minimum = 2%, maximum = 6%, and most likely = 3%. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the standard deviation obtained from the simulation results of the net present value? [Hint: Choose the approximate value.]: triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the standard deviation obtained from the simulation results of the net present value? [Hint: Choose the approximate value.]

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Question 12

Which of the following best defines Monte Carlo simulation?

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Question 13

Uniform or triangular distributions are used in the absence of data.

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Question 14

The Risk Solver Platform ________ chart shows the minimum, first quartile, median, third quartile, and maximum values in a data set graphically.

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Question 15

Use the information below to answer the following question(s). Below is a spreadsheet for a hotel overbooking model. Use the information below to answer the following question(s). Below is a spreadsheet for a hotel overbooking model. Assume that each reservation has a constant probability p = 0.04 of being cancelled.Answer the question(s)using the Risk Solver Platform. -With respect to B12, what is the range of weights given in the Parameters section in the Discrete dialog? Assume that each reservation has a constant probability p = 0.04 of being cancelled.Answer the question(s)using the Risk Solver Platform. -With respect to B12, what is the range of weights given in the Parameters section in the Discrete dialog?

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Question 16

Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the coefficient of variation obtained from the simulation results of the net present value? Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the coefficient of variation obtained from the simulation results of the net present value?: normal with mean of 2,000,000 units and standard deviation of 400,000 units. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the coefficient of variation obtained from the simulation results of the net present value?: uniform between $600,000,000 and $800,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the coefficient of variation obtained from the simulation results of the net present value?: lognormal with mean of $150,000,000 and standard deviation $30,000,000. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the coefficient of variation obtained from the simulation results of the net present value?: triangular with minimum = 2%, maximum = 6%, and most likely = 3%. Use the information below to answer the following question(s). Below is a spreadsheet for Trance Electronics. Suppose that the project manager of Trance Electronics has identified the following uncertain variables in the model and the distributions and parameters that describe them, as follows: : normal with mean of 2,000,000 units and standard deviation of 400,000 units. : uniform between $600,000,000 and $800,000,000. : lognormal with mean of $150,000,000 and standard deviation $30,000,000. : triangular with minimum = 2%, maximum = 6%, and most likely = 3%. : triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the coefficient of variation obtained from the simulation results of the net present value?: triangular with minimum = 15%, maximum = 25%, and most likely = 20%. The number of trials per simulation is equal to 10,000 at a Sim.Random Seed of 2.Run the simulation and answer the following questions using the Risk Solver Platform. -What is the coefficient of variation obtained from the simulation results of the net present value?

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Question 17

Answer the following question(s)using the Risk Solver Platform (5000 trials per simulation). Consider the spreadsheet for a Newsvendor Model. Answer the following question(s)using the Risk Solver Platform (5000 trials per simulation). Consider the spreadsheet for a Newsvendor Model. -What is the value of standard deviation? -What is the value of standard deviation?

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Question 18

Use the information below to answer the following question(s). Consider the following spreadsheet for an outsourcing decision model. 1 \ A B 2 Outsourcing Decision Model 3 Data 4 5 Manufactured in-house 6 Fixed cost \ 60,000 7 Unit variable cost \ 130 8 9 Purchased from supplier 10 Unit cost \ 180 11 12 Demand volume \ 1,600 13 14 Model 15 16 Total manufacturing cost 17 Total purchased cost 18 19 Difference 20 Decision We assume that the production (demand)volume is normally distributed with a mean of 1,000 and a standard deviation of 100.For the unit cost, select the triangular distribution.It has a minimum value of $150, most likely value of $165, and a maximum value of $190.The number of trials per simulation is equal to 5,000 at a Sim.Random Seed of 1.Run the simulation and answer the following question(s)using the Risk Solver Platform. -What is the cost difference upper cutoff if the likelihood is 75%?

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Question 19

Which of the following statements is true of a triangular distribution?

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Question 20
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