14. Matriculation Yield at a University. As admissions director for an exclusive executive MBA program that takes place on Necker Island in the Caribbean, Richard Branson must decide which applicants should receive admission offers. This is a difcult decision-making problem, as an applicant may or may not accept an admission offer. Currently, Richard is considering 30 applicants, each of whom has a different prob- ability of accepting an admission offer. Based on their academic qualications and experience, Richard has rated each of these applicants using a value score from 1 to 10 (higher value scores represent superior applicants). The le Admissions contains data on the 30 applicants. Based on the capacity of their facilities, Richard would like a class of 12 students. Fewer students than 12 results in under-utilized resources (empty classroom seats), but more than 12 students results in increased marginal costs. Specically, each attending student beyond 12 incurs a cost of 20 value points. Note that an applicant will be an at- tending student only if they are admitted and they accept the admission offer. Construct a simulation model that estimates the net value of offering admission to the top 20 students as ranked by value score. Compute net value as the sum of the value of attending stu- dents minus the costs of students beyond the capacity of 12 seats. What is the average net value obtained when offering admission to the top 20 students? L0 3, 4 Admissions Parameters Marginal Overage Cost 20 Student ID Value Acceptance Probability 1 9.47 0.72 2 9.31 0.76 3 9 0.18 4 8.94 0.19 5 8.41 0.88 6 8.29 0.41 7 8.04 0.6 8 7.39 0.2 9 7.12 0.56 10 6.69 0.95 11 6.34 0.75 12 6.01 0.64 13 5.99 0.32 14 5.94 0.3 15 5.68 0.55 16 5.44 0.18 17 4.16 0.61 18 4.04 0.52 19 3.83 0.36 20 3.5 0.45 21 3.41 0.5 22 3.34 0.74 23 3.07 0.28 24 3.06 0.43 25 3.01 0.07 26 2.99 0.87 27 2.92 0.82 28 1.27 0.14 29 0.65 0.3 30 0.08 0.47 Model Class Capacity 12 Simulation Trial Net Value Net Value Statistics Count 0 Minimum 0.00 Maximum 0.00 Average #DIV/O! Standard Deviation #DIV/O! 1 DO J ON UI A W N 10 1 12 13 14 15 16 17 18 19 20 21 22 23