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A grocery store manager wants to analyze customer spending data by product categories: fresh baked goods, meat and dairy, produce, and frozen food. For each shopping trip, about 30% of shoppers purchase baked good items, and the spending in this category tends to follow a uniform distribution between $3 and $ 19. For the meat and dairy products, 70% of shoppers make regular purchases from this category, and their spending is normally distributed with a mean of $21 and standard deviation of $5.27. Eighty percent of the shoppers spend an average of $15 on produce, and their spending follows a normal distribution with a standard deviation of $2.31. Sixty-five percent of shoppers purchase at least one item from the frozen food aisles; the spending amount in this category follows a uniform distribution between $7.25 and $ 28.50. On average, approximately 220 customers make a trip to the grocery store each day. Develop a Monte Carlo simulation and risk analysis model to analyze the customer spending and the fluctuation in daily revenue. Please provide detailed explaination and values using Excel Data Analysis toolpak

A grocery store manager wants to analyze customer spending data by product categories: fresh baked goods, meat and dairy, produce, and frozen food. For each shopping trip, about 30% of shoppers purchase baked good items, and the spending in this category tends to follow a uniform distribution between $3 and $ 19. For the meat and dairy products, 70% of shoppers make regular purchases from this category, and their spending is normally distributed with a mean of $21 and standard deviation of $5.27. Eighty percent of the shoppers spend an average of $15 on produce, and their spending follows a normal distribution with a standard deviation of $2.31. Sixty-five percent of shoppers purchase at least one item from the frozen food aisles; the spending amount in this category follows a uniform distribution between $7.25 and $ 28.50. On average, approximately 220 customers make a trip to the grocery store each day. Develop a Monte Carlo simulation and risk analysis model to analyze the customer spending and the fluctuation in daily revenue. Please provide detailed explaination and values using Excel Data Analysis toolpak

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A grocery store manager wants to analyze customer spending data by product categories: fresh baked goods, meat and dairy, produce, and frozen food. For each shopping trip, about 30% of shoppers purchase baked good items, and the spending in this category tends to follow a uniform distribution between $3 and $ 19. For the meat and dairy products, 70% of shoppers make regular purchases from this category, and their spending is normally distributed with a mean of $21 and standard deviation of $5.27. Eighty percent of the shoppers spend an average of $15 on produce, and their spending follows a normal distribution with a standard deviation of $2.31. Sixty-five percent of shoppers purchase at least one item from the frozen food aisles; the spending amount in this category follows a uniform distribution between $7.25 and $ 28.50. On average, approximately 220 customers make a trip to the grocery store each day. Develop a Monte Carlo simulation and risk analysis model to analyze the customer spending and the fluctuation in daily revenue. Please provide detailed explaination and values using Excel Data Analysis toolpak
Transcribed Image Text:A grocery store manager wants to analyze customer spending data by product categories: fresh baked goods, meat and dairy, produce, and frozen food. For each shopping trip, about 30% of shoppers purchase baked good items, and the spending in this category tends to follow a uniform distribution between $3 and $ 19. For the meat and dairy products, 70% of shoppers make regular purchases from this category, and their spending is normally distributed with a mean of $21 and standard deviation of $5.27. Eighty percent of the shoppers spend an average of $15 on produce, and their spending follows a normal distribution with a standard deviation of $2.31. Sixty-five percent of shoppers purchase at least one item from the frozen food aisles; the spending amount in this category follows a uniform distribution between $7.25 and $ 28.50. On average, approximately 220 customers make a trip to the grocery store each day. Develop a Monte Carlo simulation and risk analysis model to analyze the customer spending and the fluctuation in daily revenue. Please provide detailed explaination and values using Excel Data Analysis toolpak
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