Problem 1 (50%): Chapter 7 - Question 2, part b only. This is the same problem as HW7, but instead of using Excel-only use @Risk to model the problem and solve. There will be a total of 9 simulations and choose 1,000 iterations for each one. Run and include the Output Results report for this problem to show the average costs for each simulation. Instead of the Output Results report, create the Results Summary report.

Instructions to create the Results Summary: Click on Explore and select Results Summary. Click on Export in the lower right-hand corner and select "Export to Excel...". Choose "New Worksheet in Active Workbook".

Make a textbox with your answer to which simulation is best.

Just like the HW7 version of the problem, make the following changes to what is in the textbook.

For the distribution of guests arriving, use a normal distribution with mean 165 and standard deviation 15

Change the reception cost to $95 per guest and the additional meal cost of $130."

2. Bob and Jenny are graduating from Krannert 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 distribuition with an N of 200 and p of 0.8. Each meal they reserve for the reception costs them $18. If the reception hall staff has to set up extra tables and serve additional meals that were not planned for, the cost per additional meal is $25. Try values of 140, 145, 150, 155, 160, 165, 170, 175, and 180.

b. Using @RISK, simulate the number that come to the wedding to determine the best number of reservations to make.

please follow the instructions