Simulation Problem
A garage band wants to hold a concert. The expected crowd has a Normal distribution with the mean of 3000 and standard deviation of 200. The average expenditure on concessions is Uniformly distributed with a minimum of $10 and maximum of 25 dollars. Tickets sell for $10 each, and the band’s profit is 80% of the gate (ticket sale) and concession sales, minus a fixed cost of $12,000. Use the provided spreadsheet model and conduct a Monte Carlo simulation with 500 trials to analyze the band profit.
In your analysis,
find the minimum, maximum, average, and standard deviation for band profit.
create the frequency distribution (using FREQUENCY function) and the histogram for
band profit.
Find the probability that band profit will be greater than $62000.
Homework Answers
Expected Crowd = 3000
Ticket Sale = $10
Average Concession Sales = $15
Fixed Cost = 12,000
Profit % of Ticket & Concession Sale = 80%
Expected Profit = (Profit % of Ticket & Concession Sale) * (Ticket Sale + Concession Sale) * Expected Crowd - Fixed Cost
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sweatshirts to print for an upcoming NCAA Basketball Tournament
game. The final four teams have emerged from the quarterfinal
round, and there is a week left until the semi-finals, which are
then followed...
Solve the following Monte-Carlo simulation problem both with
Excel data tables and @Risk. Include all your answers directly in
your Excel file using text boxes or comment boxes. Please show
formulas used within excel.
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sweatshirts to print for an upcoming NCAA Basketball Tournament
game. The final four teams have emerged from the quarterfinal
round, and there is a week left until the semi-finals, which are
then followed...
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