Describe the Monte Carlo technique and how random numbers are employed in the Monte Carlo procedure?
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Describe the Monte Carlo technique and how random numbers are employed in the Monte Carlo procedure?
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- The following information describes the accounting procedures at Soufian Sdn. Bhd. Soufian Sdn. Bhd. is a small construction company which processes its daily transactions manually. Soufian, a senior account executive is spending more money than he can afford. He is the authorized signatory on the company’s bank account and write cheques for himself, his accomplices and his creditors. Here, no one is reviewing the supporting documents or reconciling the bank statements. In addition, he has a complete control over the company’s computerized accounting system. Accordingly, because there was no oversight of his work, Soufian is brave enough to do absolutely nothing to conceal the irregularities on the records. An account clerk assists Soufian, but the clerk job is not requiring much attention, for example, only does filing and retrieving documents, answering phones, responding to emails and running errands. On the other hand, Soufian is occupying too much time with his work by not telling…Explain the basic relationship between the exponential distribution and a Poisson process. Also, explain how the exponential distribution and the Poisson distribution are fundamentally different.On the morning of October 31st, Elaine Black, Chief Information Officer at Robatelli'sPizzeria, was waiting for both Jim Saxton, database administrator, and PeterGreyton, operations manager, to come to her office for a meeting. While waiting,Elaine was thinking about the surge of telephone and Internet orders expected to bereceived through the company's customer order center within the next 12 hours.Halloween had always been the most popular day of the year for people in thegreater Pittsburgh area to order pizza from Robatelli's. There were 53 restaurantlocations to serve these customers, but only one location to receive all of the ordersand forward them to the right restaurant. Elaine's thoughts were interrupted as Jimand Peter entered her office. The following conversation took place:ELAINE Well, guys, it's here again, our biggest day of the year. Not only isHalloween a busy day, but we have the upcoming day afterThanksgiving, the week before Christmas, and Super Bowl Sunday. Canour…
- On the morning of October 31st, Elaine Black, Chief Information Officer at Robatelli'sPizzeria, was waiting for both Jim Saxton, database administrator, and PeterGreyton, operations manager, to come to her office for a meeting. While waiting,Elaine was thinking about the surge of telephone and Internet orders expected to bereceived through the company's customer order center within the next 12 hours.Halloween had always been the most popular day of the year for people in thegreater Pittsburgh area to order pizza from Robatelli's. There were 53 restaurantlocations to serve these customers, but only one location to receive all of the ordersand forward them to the right restaurant. Elaine's thoughts were interrupted as Jimand Peter entered her office. The following conversation took place:ELAINE Well, guys, it's here again, our biggest day of the year. Not only isHalloween a busy day, but we have the upcoming day afterThanksgiving, the week before Christmas, and Super Bowl Sunday. Canour…How can we execute the Solver and interpret results from the reports provided by the programPlease answer in excel format A bike company receives bike orders every week and fulfills them according to order’s type. The following table shows frequency and price of the company's products. a) Assuming each order is for only one product, simulate 12 orders using the following table. Fill out gray areas with appropriate Excel functions. NOTE: Use the random numbers shown in the table. b) Calculate average and total price.
- Nice-Fit is a (fictional) small business producing outfits for costume parties and specialoccasions. Custom designs can be tailored to a customer’s request. Tom and Ann are theowners of the company and source all the fabric, design the outfits and make the costumesthemselves. Tom and Ann keep spreadsheets with information on the material purchased andcostumes made, but they find it difficult to keep track of their products, raw materials, andsales. The raw materials are supplied from a fabric company in India, and the production takesplace in a manufacturing company in China. The clothing is sold at local weekend markets,sold, or rented through costume hire shops, and sold at their physical store. Tom and Annreceive a small percentage of the sales and rentals of their costumes from the hire shops.They have no information on customers other than those who request custom designsdirectly from them. In 2020, the Covid-19 pandemic had a major impact on global economies,businesses and how we…The Dynamic Chemicals Corp. keeps track of its customers and its orders. Customers typically have several outstanding orders while each order was generated by a single customer. Each customer has a unique customer number, a customer name, address, and telephone number. An order has a unique order number, a date, and a total cost.How to develop an LP spreadsheet model that relates five-day shift schedules to daily numbers of employees available?
- 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. SITUATIONWhat is the role of simulation techniques, such as Monte Carlo simulation, in system modeling, and provide real-world applications.Sales representatives sell two products A and B. Based on historical data there is an average 20 euro commission for every call on product A and a 10 euro commission for every call on product B. Data also shows that sales representatives spend about 3 hours per call for product A and 2 hour for product B. The company requires at least 25 calls per month for each product and not more than 100 calls per month on any one product. How should the sales representatives allocate their monthly 165 working hours between making calls selling products A and B if they want to maximize their commission? a) Mathematically formulate the LP model for maximizing commissions (=primal problem) b) Mathematically formulate the dual problem of the primal problem. Implement both LP models (primal and dual) using Excel Solver. c) Report the optimal objective functions, decision variable values and the shadow prices of both the primal and dual problems. d) Confirm that these numbers are in line with…