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 on 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 expectancy is estimated by a normal distribution with a mean of 147,500 clicks with a standard deviation of 10,000. For each booking, the average number of photographs taken is assumed to be normally distributed with a mean of 2,000 and a standard deviation of 300. Develop a simulation model using 50 trials to determine summary statistics and the distribution of the camera ife (in years) Click the icon to view a sample of 50 simulation trial results Say the values of the shutter ife (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 83, 84, 85, 86, and Bi, respectively. Then, for the Monte Carlo simulation, the shutter life is randomly generated using the Excel formula ROUND(NORM INVIRANDO 83 860) and the photos per wedding is randomly generated using the Excel formula ROUND(NORMINVERAND(68583128)0) The formula for the average weddings per camera is 82) -851, and the formula for the camera e in years is h
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 on 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 expectancy is estimated by a normal distribution with a mean of 147,500 clicks with a standard deviation of 10,000. For each booking, the average number of photographs taken is assumed to be normally distributed with a mean of 2,000 and a standard deviation of 300. Develop a simulation model using 50 trials to determine summary statistics and the distribution of the camera ife (in years) Click the icon to view a sample of 50 simulation trial results Say the values of the shutter ife (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 83, 84, 85, 86, and Bi, respectively. Then, for the Monte Carlo simulation, the shutter life is randomly generated using the Excel formula ROUND(NORM INVIRANDO 83 860) and the photos per wedding is randomly generated using the Excel formula ROUND(NORMINVERAND(68583128)0) The formula for the average weddings per camera is 82) -851, and the formula for the camera e in years is h
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 vanables 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 10,000. For each booking, the average number of photographs taken is assumed to be normally distributed
with a mean of 2.000 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 ife (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 , respectively. Then, for the Monte Carlo simulation, the shutter life is randomly generated using the Excel formula ROUND(NORM. INV(RAND() 83 860) and the photos per wedding is
randomly generated using the Excel formula -ROUND(NORM INV(RAND(6858 312810). The formula for the average weddings per camera is B2851), and the formula for the camera
e in years is bB
(Type whole numbers.)
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