BrinkleyParametersSelling PriceProcurement CostLabor CostTransportation CostProcurement CostLower End of IntervalLabor CostLower End of IntervalTransportation CostLower End of IntervalModelProfit Per UnitSimulation Trial123Upper End of IntervalUpper End of IntervalUpper End of IntervalProcurement CostCostCostCost$10.00$11.00$12.00$20.00$22.00$24.00$25.00$3.00$5.00Labor CostProbabilityProbabilityProbability0.250.450.30.10.250.350.30.750.25Transportation CostProfit Per Unit Summary StatisticsMean Profit Per UnitP(Profit < $5)▼#DIV/0!#DIV/0! The management of Brinkley Corporation is interested in using simulation to estimate the profit (in $) per unit for a new product. The selling price for the product will be $46 per unit. Probability distributions for the purchase cost, the labor cost, and the transportation cost are estimated in thefollowing table.ProcurementCost($)101112Probability0.2540.450.30LaborCost ($)20222425Probability0.100.250.350.30(a) Compute profit (in $) per unit for the base-case scenario.$x /unit(b) Compute profit (in $) per unit for the worst-case scenario.$4/unit(c) Compute profit (in $) per unit for the best-case scenario./unitTransportation ProbabilityCost ($)350.750.25(d) Construct a simulation model to estimate the mean profit (in $) per unit. (Use at least 1,000 trials. Round your answer to two decimal places.)(e) Why is the simulation approach to risk analysis preferable to generating a variety of what-if scenarios?Simulation will provide ---Select--- ✓✓ of the profit per unit values which can then be used to find ---Select---✓ of an unacceptably low profit.(f) Management believes the project may not be sustainable if the profit per unit is less than $5. Use simulation to estimate the probability the profit per unit will be less than $5. (Round your answer to three decimal places.)

Given data: Procurement cost Probability Labor cost Probability Transportation cost Probability…

following table. Procurement Cost($) 10 11 12 on is Probability 0.25 0.45 0.30 Labor Cost ($) 20 22 24 25 Probability 0.10 0.25 0.35 0.30 (a) Compute profit (in $) per unit for the base-case scenario. $ x /unit (b) Compute profit (in $) per unit for the worst-case scenario. $4 /unit (c) Compute profit (in $) per unit for the best-case scenario. $4 /unit Transportation Cost ($) 3 5 Probability 0.75 0.25 Oduct. The samy P Will De 30 pr cost, the

following table. Procurement Cost($) 10 11 12 on is Probability 0.25 0.45 0.30 Labor Cost ($) 20 22 24 25 Probability 0.10 0.25 0.35 0.30 (a) Compute profit (in $) per unit for the base-case scenario. $ x /unit (b) Compute profit (in $) per unit for the worst-case scenario. $4 /unit (c) Compute profit (in $) per unit for the best-case scenario. $4 /unit Transportation Cost ($) 3 5 Probability 0.75 0.25 Oduct. The samy P Will De 30 pr cost, the

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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