Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
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Chapter 10, Problem 49P
Summary Introduction
To explain: Whether correlation will play a significant role in the simulation in terms of realism.
Simulation modeling:
A simulation model is a computerized model that depicts or imitates a real-life situation. It is like other mathematical models except that it incorporates the concept of uncertainty in one or more number of the input variables.
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Students have asked these similar questions
The average return for large-cap domestic stock funds over the three years 2009-2011 was 14.6%. Assume the three-year returns were normally distributed across funds with a standard deviation of 4.8%.
a. What is the probability an individual large-cap domestic stock fund had a three-year return of at least 20% (to 4 decimals)?
b. What is the probability an individual large-cap domestic stock fund had a three-year return of 10% or less (to 4 decimals)?
c. How big does the return have to be to put a domestic stock fund in the top 10% for the three-year period (to 2 decimals)?
%
Suppose that you work at a local food
manufacturer and are given the task of
investigating your company's seasonal sales
patterns over the past 10 years (2011 to
2020). After adjusting your sales values for
inflation, you calculate the following
seasonal sales averages (in millions):
Spring: 39
Summer: 46
Fall: 32
Winter: 23
Use this information to seasonally adjust
your 2021 Winter sales total of 29 million.
Round your answer to two decimal points
and omit any units (1.23 NOT $1.23 million).
A salesperson uses three different airlines. The probabilities of switching from one airline to another in consecutive flights are shown below.
If the last flight was on Delta, what is the probability that the next was on American?
American
Delta
Southwest
American
0.5
0.25
0.25
Delta
0.2
0.6
0.2
Southwest
0.3
0.3
0.4
A
0.5
B
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C
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D
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Chapter 10 Solutions
Practical Management Science
Ch. 10.2 - Use the RAND function and the Copy command to...Ch. 10.2 - Use Excels functions (not @RISK) to generate 1000...Ch. 10.2 - Use @RISK to draw a uniform distribution from 400...Ch. 10.2 - Use @RISK to draw a normal distribution with mean...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - Use @RISK to draw a binomial distribution that...Ch. 10.2 - Use @RISK to draw a triangular distribution with...Ch. 10.2 - We all hate to keep track of small change. By...Ch. 10.4 - Prob. 11PCh. 10.4 - In August of the current year, a car dealer is...
Ch. 10.4 - Prob. 13PCh. 10.4 - Prob. 14PCh. 10.4 - Prob. 15PCh. 10.5 - If you add several normally distributed random...Ch. 10.5 - In Problem 11 from the previous section, we stated...Ch. 10.5 - Continuing the previous problem, assume, as in...Ch. 10.5 - In Problem 12 of the previous section, suppose...Ch. 10.5 - Use @RISK to analyze the sweatshirt situation in...Ch. 10.5 - Although the normal distribution is a reasonable...Ch. 10.6 - When you use @RISKs correlation feature to...Ch. 10.6 - Prob. 24PCh. 10.6 - Prob. 25PCh. 10.6 - Prob. 28PCh. 10 - Six months before its annual convention, the...Ch. 10 - Prob. 30PCh. 10 - A new edition of a very popular textbook will be...Ch. 10 - Prob. 32PCh. 10 - W. L. Brown, a direct marketer of womens clothing,...Ch. 10 - Assume that all of a companys job applicants must...Ch. 10 - Lemingtons is trying to determine how many Jean...Ch. 10 - Dilberts Department Store is trying to determine...Ch. 10 - It is surprising (but true) that if 23 people are...Ch. 10 - Prob. 40PCh. 10 - At the beginning of each week, a machine is in one...Ch. 10 - Simulation can be used to illustrate a number of...Ch. 10 - Prob. 43PCh. 10 - Prob. 46PCh. 10 - If you want to replicate the results of a...Ch. 10 - Suppose you simulate a gambling situation where...Ch. 10 - Prob. 49PCh. 10 - Big Hit Video must determine how many copies of a...Ch. 10 - Prob. 51PCh. 10 - Prob. 52PCh. 10 - Why is the RISKCORRMAT function necessary? How...Ch. 10 - Consider the claim that normally distributed...Ch. 10 - Prob. 55PCh. 10 - When you use a RISKSIMTABLE function for a...Ch. 10 - Consider a situation where there is a cost that is...
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