Groups cannot exceed more than TWO students, feel free to pick your partner! Work on the following two problems. This assignment is worth 35 points. You will need at least 2 hours to complete this assignment. You must use @Risk :
The revenues from ticket sales at CSU are significant, but the sale of food, beverages, and souvenirs has contributed greatly to the overall profitability of the football program. One particular souvenir is the football program for each game. The distribution of the demand of programs at each game is unknow but information about the last 140 games is available on file Module5_Assignment.xlsx (check under Excel Files Module). Historically, CSU has never seen the demand per game to be fewer than 2,300 programs or more than 2,700 programs.
Each program costs $0.75 to produce and sells for $2.00. Any programs that are not sold are donated to a recycling center and do not produce any revenue. The distribution of the number of programs to print per game(supply) is unknown but information about the last 140 games is available on file Module5_Assignment.xlsx (check under Excel Files Module).
a. Identify the best distributions to fit your data (and their parameters). Comment on your findings.
b. Simulate profit per game (iterations = 1,000).
c. Compute the expected profit per game, median profit and the std. deviation.
d. What is the probability that profit per game will be between x than y? (pick arbitrary values for x and y)
- The file P02_16.xlsx contains the number of arrivals at a turnpike tollbooth for each of four 5-minute intervals for each of 256 days. For this problem, assume that each column, such as arrivals from 8:00 am to 8:05 am, is a random sample of all arrivals from the corresponding hour of the day, such as 8:00 am to 9:00 am. Calculate a 95% confidence interval for the mean number of arrivals during each corresponding hour of the day, that is, one for 8:00 am to 9:00 am, one for 9:00 am to 10:00 am, and so on.
- A lightbulb manufacturer wants to estimate the total number of defective bulbs contained in all of the boxes shipped by the company during the past week. Production personnel at this company have recorded the number of defective bulbs found in each of 50 randomly selected boxes shipped during the past week. These data are provided in the file P08_12.xlsx. Calculate a 95% confidence interval for the total number of defective bulbs contained in the 1000 boxes shipped by this company during the past week.