Asked by Hoala Chock on Jun 30, 2024
Verified
Suppose the following random numbers (1, 34, 22, 78, 56, 98, 00, 82) were selected during a Monte Carlo simulation that was based on the chart below. What was the average demand per period for the simulation? What is the expected demand?
Demand Probability Cumulative Probability Interval of Random Numbers 0.11.152.43.154.2\begin{array} { | c | c | c | c | } \hline \text { Demand } & \text { Probability } & \begin{array} { c } \text { Cumulative } \\\text { Probability }\end{array} & \begin{array} { c } \text { Interval of Random } \\\text { Numbers }\end{array} \\\hline 0 & .1 & & \\\hline 1 & .15 & & \\\hline 2 & .4 & & \\\hline 3 & .15 & & \\\hline 4 & .2 & & \\\hline\end{array} Demand 01234 Probability .1.15.4.15.2 Cumulative Probability Interval of Random Numbers
Cumulative Probability
The probability that a variable takes on a value less than or equal to a specific value.
Interval of Random Numbers
A range within which any number has an equal chance of being selected during a random selection process.
Average Demand
The mean amount of a product or service consumed or requested by customers over a specific period.
- Obtain the ability to formulate probability distributions, cumulative distributions, and random number intervals.
Verified Answer
BS
Black ShadowJul 01, 2024
Final Answer :
Demand Probability Cumulative Probability Interval of Random Numbers 0.1.101−101.15.2511−252.4.6526−653.15.866−804.2181−00\begin{array} { | c | c | c | c | } \hline \text { Demand } & \text { Probability } & \begin{array} { c } \text { Cumulative } \\\text { Probability }\end{array} & \begin{array} { c } \text { Interval of Random } \\\text { Numbers }\end{array} \\\hline 0 & .1 & .1 & 01 - 10 \\\hline 1 & .15 & .25 & 11 - 25 \\\hline 2 & .4 & .65 & 26 - 65 \\\hline 3 & .15 & .8 & 66 - 80 \\\hline 4 & .2 & 1 & 81 - 00 \\\hline\end{array} Demand 01234 Probability .1.15.4.15.2 Cumulative Probability .1.25.65.81 Interval of Random Numbers 01−1011−2526−6566−8081−00 Tires sold sum is given by 0 + 2 + 1 + 3 + 2 + 4 + 4 + 4 = 20 over 8 periods. Thus the average demand was 20/8 = 2.5 tires.
The expected demand is simply the EV, or .1(0) + .15(1) + .4(2) + .15(3) + .2(4) = 2.2 tires per period.
The expected demand is simply the EV, or .1(0) + .15(1) + .4(2) + .15(3) + .2(4) = 2.2 tires per period.
Learning Objectives
- Obtain the ability to formulate probability distributions, cumulative distributions, and random number intervals.
Related questions
A Distribution of Service Times at a Waiting Line Indicates ...
Complete the Following Table in Preparation for a Monte Carlo ...
A Waiting-Line Problem That Cannot Be Modelled by Standard Distributions ...
A Distribution of Service Times at a Waiting Line Indicates ...
Complete the Following Table in Preparation for a Monte Carlo ...