Linda plans to get married in June. Her and her parents have been saving for years and have put aside $25,000 for the wedding. Frank, the wedding planner, tells the family that the estimates come out to $23,000. Linda, having understood her college business analytics course thoroughly, is concerned, however, about the variability of the costs. The florist keeps talking about the seasonality of certain flowers, shipping costs, size of arrangements, etc. and cant quite nail down a firm estimate. Beverage cost estimates are always a challenge. In addition, the gown may or may not require additional fittings and alterations, and while most of the RSVPs have come in, Linda worries that some folks might not show up, while some family members might bring along uninvited guests. Whats a future bride and her family to do? Linda first develops a spreadsheet listing of the line item expenses for her wedding (See Table 1). Franks $23,000 total estimate was based on his best guess for each expense item. However, Linda knows that some of the expenses are fixed (hall rental, entertainment) and some are variable (gown, flowers, food and beverages). Lindas next step is to gather data on the costs associated with each item. She asks the florist for the raw data (cost for flowers) associated with the last 100 weddings of this size that he has done at this particular church. From this data set Linda obtains descriptive statistics for the Flower cost data (LindasWeddingStudent.xls) and develops a histogram. Based on this analysis Linda uses a common distribution to model this uncertain cost. (Hint: you will need to draw a histogram of the flower costs to determine the appropriate distribution) Using her knowledge of analytics, Linda uses Monte Carlo Analysis with Frontline Analytic Solver to create an input assumption for the variability of the cost of Flowers. Linda plans to get married in June. Her and her parents have been saving for years and have put aside $25,000 for the wedding. Frank, the wedding planner, tells the family that the estimates come out to $23,000. Linda, having understood her college business analytics course thoroughly, is concerned, however, about the variability of the costs. The florist keeps talking about the seasonality of certain flowers, shipping costs, size of arrangements, etc. and cant quite nail down a firm estimate. Beverage cost estimates are always a challenge. In addition, the gown may or may not require additional fittings and alterations, and while most of the RSVPs have come in, Linda worries that some folks might not show up, while some family members might bring along uninvited guests. Whats a future bride and her family to do? Linda first develops a spreadsheet listing of the line item expenses for her wedding (See Table 1). Franks $23,000 total estimate was based on his best guess for each expense item. However, Linda knows that some of the expenses are fixed (hall rental, entertainment) and some are variable (gown, flowers, food and beverages). Lindas next step is to gather data on the costs associated with each item. She asks the florist for the raw data (cost for flowers) associated with the last 100 weddings of this size that he has done at this particular church. From this data set Linda obtains descriptive statistics for the Flower cost data (LindasWeddingStudent.xls) and develops a histogram. Based on this analysis Linda uses a common distribution to model this uncertain cost. (Hint: you will need to draw a histogram of the flower costs to determine the appropriate distribution) Using her knowledge of analytics, Linda uses Monte Carlo Analysis with Frontline Analytic Solver to create an input assumption for the variability of the cost of Flowers. Provide an analysis of potential total wedding costs using the Monte Carlo method to answer the following questions. Provide screenshots to support your answers. According to the Monte Carlo analysis what are the minimum and maximum total wedding costs?

\begin{tabular}{|l|r|r|r|} \hline \multicolumn{1}{|c|}{ Item } & Uncertainty & Means & BestGuess \\ \hline Flowers & & & 1000 \\ \hline Gown & & & 5000 \\ \hline Hall Rental & 1000 & & 1000 \\ \hline Food & & & 10000 \\ \hline Beverage & & & 4000 \\ \hline Entertainment & 2000 & & 2000 \\ \hline & & & \\ \hline TOTAL & & & 23000 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|r|} \hline \multicolumn{1}{|c|}{ Item } & Uncertainty & Means & BestGuess \\ \hline Flowers & & & 1000 \\ \hline Gown & & & 5000 \\ \hline Hall Rental & 1000 & & 1000 \\ \hline Food & & & 10000 \\ \hline Beverage & & & 4000 \\ \hline Entertainment & 2000 & & 2000 \\ \hline & & & \\ \hline TOTAL & & & 23000 \\ \hline \end{tabular}