The owner of Cruz Wedding Photography believes that the average number of wedding bookings per year can be estimated by a triangular distribution with a minimum of 10, maximum of 22, and most likely value of 15. One of the key variables in developing his business plan is the lif he can expect from a single digital single-lens reflex (DSLR) camera before it needs to be replaced. Due to heavy usage, the shutter life expectancy is estimated by a normal distribution with a mean of 147,500 clicks with a standard deviation of 9,000. For each booking, the averag number of photographs taken is assumed to be normally distributed with a mean of 1,950 and a standard deviation of 300. Develop a simulation model using 50 trials to determine summary statistics and the distribution of the camera life (in years). Click the icon to view a sample of 50 simulation trial results. Say the values of the shutter life (in clicks), the weddings per year, the photos per wedding, the average weddings per camera, and the camera life in years are entered in cells B3, B4, B5, B6, and B8, respectively. Then, for the Monte Carlo simulation, the shutter life is randomly generated using the Excel formula =ROUND(NORM.INV(RAND(), ),0) and the photos per wedding is randomly generated using the Excel formula =ROUND(NORM.INV(RAND(), ),0). The formula for the average weddings per camera is VB , and the formula for the camera life in years is =B B]. (Type whole numbers.)
The owner of Cruz Wedding Photography believes that the average number of wedding bookings per year can be estimated by a triangular distribution with a minimum of 10, maximum of 22, and most likely value of 15. One of the key variables in developing his business plan is the lif he can expect from a single digital single-lens reflex (DSLR) camera before it needs to be replaced. Due to heavy usage, the shutter life expectancy is estimated by a normal distribution with a mean of 147,500 clicks with a standard deviation of 9,000. For each booking, the averag number of photographs taken is assumed to be normally distributed with a mean of 1,950 and a standard deviation of 300. Develop a simulation model using 50 trials to determine summary statistics and the distribution of the camera life (in years). Click the icon to view a sample of 50 simulation trial results. Say the values of the shutter life (in clicks), the weddings per year, the photos per wedding, the average weddings per camera, and the camera life in years are entered in cells B3, B4, B5, B6, and B8, respectively. Then, for the Monte Carlo simulation, the shutter life is randomly generated using the Excel formula =ROUND(NORM.INV(RAND(), ),0) and the photos per wedding is randomly generated using the Excel formula =ROUND(NORM.INV(RAND(), ),0). The formula for the average weddings per camera is VB , and the formula for the camera life in years is =B B]. (Type whole numbers.)
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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Transcribed Image Text:The owner of Cruz Wedding Photography believes that the average number of wedding bookings per year can be estimated by a triangular
distribution with a minimum of 10, maximum of 22, and most likely value of 15. One of the key variables in developing his business plan is the life
he can expect from a single digital single-lens reflex (DSLR) camera before it needs to be replaced. Due to heavy usage, the shutter life
expectancy is estimated by a normal distribution with a mean of 147,500 clicks with a standard deviation of 9,000. For each booking, the average
number of photographs taken is assumed to be normally distributed with a mean of 1,950 and a standard deviation of 300. Develop a simulation
model using 50 trials to determine summary statistics and the distribution of the camera life (in years).
Click the icon to view a sample of 50 simulation trial results.
Say the values of the shutter life (in clicks), the weddings per year, the photos per wedding, the average weddings per camera, and
the camera life in years are entered in cells B3, B4, B5, B6, and B8, respectively. Then, for the Monte Carlo simulation, the shutter
life is randomly generated using the Excel formula =ROUND(NORM.INV(RAND(), ).0) and the photos per wedding is randomly
generated using the Excel formula =ROUND(NORM.INV(RAND(), | ),0). The formula for the average weddings per camera is
=B
B , and the formula for the camera life in years is =B
B
(Type whole numbers.)
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