Hey guys, This is Marie Townsend, I am Clayton Marcotte's g/f(the guy with the '02 blue WRX). I know everyone is busy with their own finals but I am struggling with a topic in my Decision Models for Management class. I was just wondering if anyone on here knows about it. Its simulation and deals with random numbers in excel. I get how to put it into excel once the teacher has set it up but setting it up myself, is the thing I am struggling with. If its not something you can explain on here, you can give me a call at 678-492-1178 or you can email me at stownse@clemson.edu. I would appreciate ANY help at this point. Thanks and good luck on your finals!:wiggle: ~Marie~
Yo Marie, I'm gonna call you in a minute, I havent used excel in a while but used to be fairly adept at it. Are you going to be down here at all over Christmas break?
an example Here is an example of the question I am going to be asked: Morris Auto Insurance is trying to decide how much cash to keep in escrow each week to cover insurance claims. The number of claims filed each week is a random variable with the general discrete distribution shown below. Each claim has a 20% chance of being for a car that is non-repairable, and an 80% chance of being for a car that is repairable. The claim amount for each non-repairable car follows a discrete uniform distribution between $9,000 and $14,000. In contrast, the claim amount for each repairable car follows a normal distribution with a mean of $1,700 and a standard deviation of $400 (make this claim amount an integer in your simulation). Use 150 replications to determine: (a) the probability that the total weekly claim for repairable cars will exceed $10,000 and (b) the probability that the total weekly claims for all cars will exceed $20,000. # of claims 3 4 5 6 7 8 9 10 Probability 0.05 0.07 0.12 0.17 0.28 0.14 0.10 0.07 The answer is in an excel file which if you need I can email to you.