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Six months before its annual convention, the American Medical Association must determine how many rooms to reserve. At this time, the AMA can reserve rooms
Six months before its annual convention, the American Medical Association must determine how many rooms to reserve. At this time, the AMA can reserve rooms at a cost of $150 per room. The AMA believes the number of doctors attending the convention will be normally distributed with a mean of 1500 and a standard deviation of 300. If the number of people attending the convention exceeds the number of rooms reserved, extra rooms must be reserved at a cost of $300 per room.
According to the above information:
- develop a simulation model to estimate the average total cost if AMA reserves 1200, 1300, 1400, 1500, 1600, 1700, or 1800 rooms
- run 100 replications for each quantity.
excel file pls.
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