Quantative analysis for business
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...problem. Ingredients Required to Produce one (1) Unit of Brand X or Brand Y Ingredients Brand X Brand Y Available Ingredients Nutrient... ? Quantitative Analysis ID Decision-Making Models Probabilistic simulation Part A The results in the Table 7 were generated with the use of Monte Carlo simulation. According to Heizer and Render (2006) Monte Carlo simulation involves carrying out chance related experiments using random sampling techniques. The technique revolves around five (5) simple steps. These steps are: i. Setting up a probability distribution for each of the three variable – material cost, labor cost and utilities cost ii. Preparing a cumulative probability distribution for each of the three...