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Explain how Morgan in the article "Experiments versus Models: New Phenomena, Inference and Surprise" argues that laboratory experiments are a better source of knowledge about the world than computer simulations.
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- Explain what is meant by the test data approach. What arethe major difficulties with using this approach? Define parallel simulation with auditsoftware and provide an example of how it can be used to test a client’s payroll systemDescribe the seven steps to perform using simulation to analyse the problem ?One disadvantage of simulation is that it is limited in the variety of probability distributions that can be used in modeling a system. Is this statement true or false?
- Long-Life Insurance developed a linear model to determine the amount of term life insurance a family of four should have, based on the head of the household's current age. The equation is: y = 163 -0.45xwherey = Insurance needed ($000)x = Current age of head of household Calculate the amount of term life insurance you would recommend for a family of four if the head of the household is 53 years old. (Round your answer to 2 decimal places.)Under Fundamental analysis the intrinsic value of the stock is meassured by analysing economic and financial factors. This method analysis the stock's real and fair market value. According to this analysis if the market price of the stock is lower than its fair market value then the stock is deemed to be underpriced, which means the stock price is going to rise in future. On the other hand if the fair market value of the stock is lower than its market price then it is assumed that the future prices of stock are going to decline. BASED ON THE STATEMENT ABOVE PLEASE DRAW THE GRAPH AND EXPLAIN IT ON U.S. SITUATIONFor this equation. Daniel and his family recently moved to California. Daniel wants to know which amusement park ticket package is best for his familyYour task is to recommend which ticket package Daniel and his family should purchase . You are working with Daniel's sister Amelia. Read the facts about Daniel's familyTable 1 shows the ticket packages and cost of parking for a local amusement park. In which what is the total cost to purchase a two day ticket for everyone in Daniel is family. (Image shown below)
- Explain the importance of the Hamada equation.Explain the steps to be followed in Monte Carlo simulation ?1. A valid reason for using simulation model is: a. analyze relationship between the variables which are linear b. obtain optimized solutions c. conduct experiments without disrupting the real system d. avoid making assumptions about variables 2. Complex mathematical models are always stochastic and not deterministic a. True b. False 3. Which one of these variables is a binomial random variable: a. the number of textbooks 15 randomly selected books in the box b. the number of Gospel CDs a rack of randomly selected CDs c. the time it takes a randomly selected student to complete a multiple-choice exam d. the number of dogs small dogs at the a vet
- Suppose you are a financial analyst and your company runs many simulationmodels to estimate the profitability of its projects. If you had to choose justtwo measures of the distribution of any important output, such as net profit,to report, which two would you choose? Why? What information wouldbe missing if you reported only these two measures? How could they bemisleading?Struggling with answering this question A manufacturer produces three types of humidifiers. The retail price of Humidifier Regular (HR) is $60 with variable costs of $20. Humidifier Advanced (HA) sells for $200 for its advanced features. This model’s variable costs are $80. Humidifier Simple (HS) is a simplified version and only sells for $25 with variable costs of $15. The manufacturer has machines and facilities worth $320,000 annually. The sales data show that 1000 units of HR, 2000 units of HA, and 10,000 units of HS was sold last year. Calculate the break-even point of the firm. The firm has some idle capacity at these volumes and chooses to cut the selling price of HR from $60 to $45, believing that its sales volume will rise from 1000 units to 2500 units. What is the revised break-even point?Hi is this correct?The management of an oil company is trying to decide whether to drill for oil in a particular fieldin the Gulf of Mexico. It costs the company $600 thousand to drill in the selected field. Themanagement believes that if oil is found in this field, its estimated value will be $3400 thousand. Atpresent, this oil company believes that there is a 45% chance that the selected field actually containsoil. Before drilling, the oil company can hire a team of geologists to perform seismographic tests at acost of $55 thousand. Based on similar tests in other fields, the tests have a 25% false negative rate(no oil predicted when oil is present) and a 15% false positive rate (oil predicted when no oil ispresent).A. Assume the oil company wants to maximize its expected net earnings. Please utilize decisiontree analysis to determine its optimal strategy.B. Calculate the expected value of the information (EVI/EVSI) provided by the team ofgeologists.C. Calculate and interpret EVPI…