My daughter is a Girl Scout and it is time for our cookie sales. There are 15 neighbors nearby and she plans to visit every neighbor this evening. There is a 40% likelihood that someone will be home. If someone is home, there is an 85% likelihood that person will make a purchase. If a purchase is made, the revenue generated from the sale follows the Normal distribution with mean $18 and standard deviation $5. Using @RISK, simulate our door-to-door sales using at least 1000 iterations and report the expected revenue, the maximum revenue, and the average number of purchasers. What is the probability that the revenue will be greater than $120?
My daughter is a Girl Scout and it is time for our cookie sales. There are 15 neighbors nearby and she plans to visit every neighbor this evening. There is a 40% likelihood that someone will be home. If someone is home, there is an 85% likelihood that person will make a purchase. If a purchase is made, the revenue generated from the sale follows the Normal distribution with mean $18 and standard deviation $5. Using @RISK, simulate our door-to-door sales using at least 1000 iterations and report the expected revenue, the maximum revenue, and the average number of purchasers. What is the probability that the revenue will be greater than $120?
Operations Research : Applications and Algorithms
4th Edition
ISBN:9780534380588
Author:Wayne L. Winston
Publisher:Wayne L. Winston
Chapter23: Simulation With The Excel Add-in @risk
Section23.10: Using Data To Obtain Inputs For New Product Simulations
Problem 1P
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My daughter is a Girl Scout and it is time for our cookie sales. There are 15 neighbors nearby and she plans to visit every neighbor this evening. There is a 40% likelihood that someone will be home. If someone is home, there is an 85% likelihood that person will make a purchase. If a purchase is made, the revenue generated from the sale follows the Normal distribution with mean $18 and standard deviation $5.
Using @RISK, simulate our door-to-door sales using at least 1000 iterations and report the expected revenue, the maximum revenue, and the average number of purchasers. What is the probability that the revenue will be greater than $120?
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