Consider the Monte Carlo simulation shown in Figure 6S.5. a. Recalculate the values in the Probability of

Question:

Consider the shown in Figure 6S.5.
a. Recalculate the values in the "Probability of n arrivals" and "Cumulative probability" columns for an arrival rate of 4. You may need to add some additional rows beyond just 8 arrivals.
b. Based on the results to part a, redo the "Assigned random numbers" column.
c. Using the same random numbers shown in Figure 6S.5, take the results from parts a and b and redo the column labeled "Simulated Arrivals." What is the new average number of arrivals per time period?

Monte Carlo simulation
Monte Carlo simulation is a technique used to understand the impact of risk and uncertainty in financial, project management, cost, and other forecasting models. A Monte Carlo simulator helps one visualize most or all of the potential outcomes to...