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Quantative analysis for business - Math Problem Example

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Quantitative Analysis Institution Instructor Date Student ID Decision-Making Models Probabilistic simulation Part A The results in the Table 1.7 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…

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Quantative analysis for business

Establishing random number intervals for each of the three variables iv. Generating random numbers v. Simulating a series of trials – in this case ten (10) trials will be simulated Step 1 and 2 – Probability and cumulative probability distribution Materials: Cost ($) Probability Cumulative probability 33 0.18 0.18 35 0.23 0.41 38 0.32 0.73 39 0.27 1.00 Table 1.1 Labor: Cost ($) Probability Cumulative probability 22 0.12 0.12 23 0.18 0.30 24 0.22 0.52 25 0.28 0.80 28 0.20 1.00 Table 1.2 Utilities: Cost ($) Probability Cumulative probability 3 0.26 0.26 4 0.43 0.69 6 0.31 1.00 Table 1.3 Steps 1 and 2 are merged in order to provide a clear picture of how the cumulative figures were arrived at. ...
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