Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello tutor, using excel risk' software simulation, can you show a step to step solution on how to solve the question below: Question Paul and

Hello tutor, using excel "risk' software simulation, can you show a step to step solution on how to solve the question below:

Question

Paul and Paula are graduating in May and plan to get married in June. One of the challenges facing them is to figure out how many meals to have prepared for the reception. They are inviting 200 people, but they have read that not everyone will attend. The best estimate they have is that the number that will attend is binomial distribution with an N of 200 and p of 0.8. Each meal they reserve for the recep-tion costs them $21. If more people show up than the number they reserved, the reception hall staff must set up extra tables and prepare the additional meals. The cost per additional meal above the reserved number is $29. Try values of 138, 144, 150, 156, 162, 168, 172, and 178.

a. Using only Excel functions, use simulation with a minimum of 500 trials to determine the best number of reservations to make. b. Using @RISK, simulate the number that come to the wedding to determine the best number of reservations to make

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Calculus Early Transcendentals

Authors: William L. Briggs, Lyle Cochran, Bernard Gillett

2nd edition

321954428, 321954424, 978-0321947345

More Books

Students also viewed these Mathematics questions

Question

Find the median for the set of measurements 2, 9, 11, 5, 6, 27.

Answered: 1 week ago

Question

Find the median for the set of measurements 2, 9, 11, 5, 6.

Answered: 1 week ago