Which type of distribution did you use for the probability of a claim occurring?

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Question 12.5 pts

Which type of distribution did you use for the probability of a claim occurring?

Group of answer choices

Normal

Binomial

Poisson

Discrete

 

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Question 25 pts

Which type of distribution did you use for the cost of a claim?

 

Group of answer choices

Discrete

Normal

Poisson

Binomial

 

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Question 32.5 pts

In this model, you should not experience an out of pocket expense when also experiencing a claim.

Group of answer choices

True

False

 

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Question 45 pts

As part of your analysis of your model, summarize your data table by calculating how often you experienced a claim and how often the claim amount met or exceeded the deductible. Also include the average & sample std dev for the claim amount.

 

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For the following 2 questions, make a copy of the worksheet on which you built your model. You will need to modify inputs to your model to test your calculations. Making a copy of your completed model will keep you from having to redo your work.

Any easy way to accomplish this is to right-click your model sheet, and choose "Move or copy".

 

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Question 55 pts

This question will require you to alter your model to test your calculations.

Set the uncertainty for a claim such that a claim happens. Set the Cost of a claim to 8000.

What is the out of pocket expense with these settings?

 

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Question 65 pts

Set the uncertainty for a claim such that a claim happens. Set the Cost of a claim to 6000.

What is the out of pocket expense with these settings?

 

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For the following questions, make a copy of the worksheet on which you built your model. You will need to modify inputs to your model to test your calculations. Making a copy of your completed model will keep you from having to redo your work.

Any easy way to accomplish this is to right-click your model sheet, and choose "Move or copy".

 

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Question 75 pts

Which of the following is the decision variable in this model?

Group of answer choices

% of customers placing pre-orders

Salvage price

Amount of Deposit to require

Yield of fruit

 

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Question 85 pts

There are three uncertain (random) variables in this problem. Select the variables that should represent uncertainty in this model.

Group of answer choices

What type of fruit to grow

Salvage Price

Yield

Pre-Orders Picked up

Initial Research and Development Cost

Pre-Orders Placed

 

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Question 95 pts

What is the output of your model?

Group of answer choices

Profit

Costs

Revenue

Pre-order Price

 

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For the following 3 questions, make a copy of the worksheet on which you built your model. You will need to modify inputs to your model to test your calculations. Making a copy of your completed model will keep you from having to redo your work.

 

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Question 105 pts

Adjust your model with the following:

Deposit Required = .5

Yield = 2100

Pre-Orders Placed = 2000

Pre-Orders Picked up = 1900

What is the profit under these conditions?

 

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Question 115 pts

Adjust your model with the following:

Deposit Required = .5

Yield = 1800

Pre-Orders Placed = 1700

Pre-Orders Picked up = 1600

What is the Profit under these conditions?

 

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Question 1250 pts

Upload your completed workbook here. There are 25 points per problem on this assignment.

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