Simulation – Discrete Event and Monte Carlo
Directions
: Complete the document, make sure to address all written requirements
on this document and create decision tree and conduct all statistical analysis on an Excel workbook. You are required to submit both the document and Excel file in the digital classroom. 1.The drying rate in an industrial process is dependent on many factors and varies according to the following distribution. Use data in "Simulation Models" file. View the Using Excel to Simulate Discrete Events video.
a.Compute the mean drying time.
b.Using these random numbers, simulate the drying time for 12 processes.
33 .09 .19 .81 .12 .88 .53 .95 .77 .61 .91 .47
c.What is the average drying time for the 12 processes you simulated?
d.Repeat the experiment now generating random numbers between 3 and 7 using the Excel
RANDBETWEEN function
also simulating relative frequency drying time processes for 12 processes.
e.Compare your results.
2.Greenfields is a mail order seed and plant business. The size of orders is uniformly
distributed over the interval from $25 to $80. Use the Excel Data Analysis ToolPak's RANDOM NUMBER GENERATOR tool
to generate the sales amount of 10 orders. Use data in "Simulation Models" file. View the Excel Data Analysis ToolPak: How to Generate a List of Normally Distributed Random Numbers video.
a.Compute the mean value of the 10 orders.
b.Repeat the above three times. Now calculate the mean value of the 30 orders and compare.
3.Using the model assumptions below to create an Excel model to demonstrate a Monte Carlo simulation and forecast the likelihood of losing money and statistics for profit using 500 trials. Use data in "Simulation Models" file. Read the Monte Carlo Simulation Formula in Excel – Tutorial and Download article
