You are running a rental car business with a fleet of 15 cars at a popular day-tourist attraction.

Excel File Edit View Insert Format Tools Data Window Help 138F 1996rpm > 20% O Mon May 18 1:06:28 AM Jeffrey Torres Q Q- Search in Sheet A Edit Font Format Cells Themes Fill 11 Normal X Aa. DO .00 Clear 4.0 .00 Paste Bad HH Insert Delete Format Themes " L20 - - L M N o BUS220Ex2MkWorkbook.xlsx E-46 Y (fx 150% At Home Layout Tables Charts SmartArt Formulas Data Review Alignment Number Calibri (Body) - A A abc- Wrap Text General U - - CE E Merge % ) Conditional Formatting X fx D E F G H K 1 2 Simulation Question (20 points) 3 You are running a rental car business with a fleet of 15 cars at a popular day-tourist attraction. All of the 4 travelers will rent a car for just one day and return them to you. Since it is a rental business, you 5 demand all customers make a reservation. While business is good, there are occassions that a 6 traveler will not show up and cancelled at the last minute. You figured that the opportunity lost to 7 walk-in customer is about $30 per car. However, if you overbook, and the traveler cannot get a car to use, 8 they will spread their experience on the social media. You will experience a loss of reputation for future 9 sales which you estimate to be about $100 per incident. 10 11 From your prior experience, you have computed the chance of no show in the table below 12 No Show Probability 13 0 10% 14 1 20% 15 2 30% 16 3 40% 17 18 Question 1) Should you overbook? Why? 19 2) Does over book by 2 better than no overbook? Explain 20 Show your work in the worksheet SimMkAns to answer this question. 21 22 23 24 Starting Page SimMkInstr SimMkInstr SimMkAns PMMkInstr PMMkAns 20 Ready Sum-0 18 CIC! A + Normal View . We Excel File Edit View Insert Format Tools Data Window ) 19%D Mon May 18 1:07:30 AM Jeffrey Torres = 142F Help 2002 rpm BUS220EX2MkWorkbook.xlsx fx 150% - Q- Search in Sheet 2.2. Y SmartArt Formulas Home Layout Tables Charts Data Review Edit Font Alignment Number Format Cells Themes Fill Calibri (Body) - 11 - A- A abc Wrap Text General Normal XID Aa .00 Clear U - A GEE Paste Merge S% % ) 4.0 .00 Bad Conditional Formatting Insert Delete Format Themes " B2 8 fx Simulation Question D E F G 1 J K L M N O 1 3 6 4 2 Simulation Question 3 No Show Cost 1 4 Overbook Cost 2 5 6 Num No Show 2 7 Num Overbook 3 8 9 Cost of Oper 2 10 Overbook 11 No Show Probability 2 0 12 0.00% 0 0 13 0.00% 1 1 14 0.00% 2 2 15 0.00% 3 3 16 Expect Cost 0 17 18 Answer 19 1) 20 2) 21 22 23 24 Starting Page Sim Mkinstr SimMkAns PMMkInstr Normal View Ready 1 2 0 1 2 0 2 4 2 0 1 0 2 0 0 KI PMMkAns + PRIA Sum-0 AI 18 DOC W