16. See pictures to solve Total purchased cost ==B9*B11Manufactured cost less?=IF(B14 Consider the following spreadsheet for an outsourcing decision model, The analyst istrying to determine whether the product in question should be manufactured in-house, incurring a fixed cost in addition to a cost per unit, or purchased from asecondary supplier. Clouding the decision is uncertainty with regard to the demandfor the product and also with regard to the purchase price that will be offered by thepotential supplier. The analyst believes that the demand can be modeled by a normalrandom variable with mean 1000 units and standard deviation of 100. A supervisorasks the analyst to simulate the scenario 1000 times using a normal random variable,with mean of $165 with a standard deviation of $10, for the purchase price. Thesupervisor asks the analyst to report the probability that manufacturing the productin-house will cost less than purchasing from the supplier.Hint: Copy-and-paste the following into an Excel spreadsheet.Outsourcing Decision ModelDataIn-House ManufacturingFixed cost =60000Variable cost per unit = 115Purchased from SupplierUnit cost ==NORM.INV(RAND(),165,10)Demand volume=NORM.INV(RAND(),1000,100)ModelTotal manufactured cost ==B5+(B6*B11)Total purchased cost ==B9*B11Manufactured cost less?=IF(B14

Given: Outsourcing Decision model Data In house manufacturing Fixed Cost 60000…

Use a data table, as outlined in the text, to run the simulation 1000 times. F simulation results, calculate the estimated probability that manufacturing th product in-house will cost less than purchasing from the supplier. Understanding that simulation is random in nature and that your answer ma match any of the answer choices exactly, choose the answer choice that is the estimated probability. 29.3%

Use a data table, as outlined in the text, to run the simulation 1000 times. F simulation results, calculate the estimated probability that manufacturing th product in-house will cost less than purchasing from the supplier. Understanding that simulation is random in nature and that your answer ma match any of the answer choices exactly, choose the answer choice that is the estimated probability. 29.3%

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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Question

16. See pictures to solve

Total purchased cost ==B9*B11
Manufactured cost less?=IF(B14<B15,1,0)
Use a data table, as outlined in the text, to run the simulation 1000 times. From the
simulation results, calculate the estimated probability that manufacturing the
product in-house will cost less than purchasing from the supplier.
Understanding that simulation is random in nature and that your answer may not
match any of the answer choices exactly, choose the answer choice that is closest to
the estimated probability.
29.3%
4.5%
58.2%
44.0%
18.5%

Consider the following spreadsheet for an outsourcing decision model, The analyst is
trying to determine whether the product in question should be manufactured in-
house, incurring a fixed cost in addition to a cost per unit, or purchased from a
secondary supplier. Clouding the decision is uncertainty with regard to the demand
for the product and also with regard to the purchase price that will be offered by the
potential supplier. The analyst believes that the demand can be modeled by a normal
random variable with mean 1000 units and standard deviation of 100. A supervisor
asks the analyst to simulate the scenario 1000 times using a normal random variable,
with mean of $165 with a standard deviation of $10, for the purchase price. The
supervisor asks the analyst to report the probability that manufacturing the product
in-house will cost less than purchasing from the supplier.
Hint: Copy-and-paste the following into an Excel spreadsheet.
Outsourcing Decision Model
Data
In-House Manufacturing
Fixed cost =60000
Variable cost per unit = 115
Purchased from Supplier
Unit cost ==NORM.INV(RAND(),165,10)
Demand volume
=NORM.INV(RAND(),1000,100)
Model
Total manufactured cost ==B5+(B6*B11)
Total purchased cost ==B9*B11
Manufactured cost less?=IF(B14<B15.1.0)

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