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We recommend using a new workbook for each@Risk part and combining all workbooks together at the end. For each@Risk part, use the following instructions to
We recommend using a new workbook for each@Risk part and combining all workbooks together at the end. For each@Risk part, use the following instructions to export simulation results to Excel: - 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". - Check "Export Active Table Only". - Click "OK". The Purdue Athletic Department is trying to decide how many sweatshirts to print for the upcoming NCAA basketball championships. The final four teams have emerged from the quarterfinal round, and there is now a week left until the semifinals, which are then followed in a couple of days by the finals. Each sweatshirt costs $20 to produce and sells for $50. However, in three weeks, any leftover sweatshirts will be put on sale for half price, \$25. The Athletic Department assumes that the demand for the sweatshirts during the next three weeks (when interest in the tournament is at its highest) is normally distributed with mean 500 and standard deviation 150 . The residual demand, after the sweatshirts have been put on sale, is a binomial distribution with probability of a sale at 40%. The Athletic Department realizes that every sweatshirt sold, even at the sale price, yields a profit. However, it also realizes that any sweatshirts produced but not sold (even at the sale price) must be thrown away or donated, resulting in a $20 loss per sweatshirt. It is considering ordering 300, 350, 400,450,500,550,600,650, or 700 sweatshirts. a. Determine the best order alternative of sweatshirts to produce using Excel functions only. Create a one-way table to store the results for each order alternative. b. Determine the best order alternative of sweatshirts to produce using an @ Risk model. Remember to include the Results Summary report. For both parts, include a textbox stating the best order alternative and the average profit
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