Simulation model.

Need help on how to run the simulation for this problem in excel @risk. I constructed the spreadsheet below, not sure to what to do generate the result. Please step by step, trying to learn. Madeira Manufacturing Company (MMC) is considering the introduction of a new product. Before deciding, they would like you to do a risk analysis of the situation to assess whether the introduction of the new product is a good idea for the company. The (annual) fixed cost to begin production of the new product is $30,000. The variable cost for the product is uniformly distributed between $16 and $24 per unit. The product will sell for $50 per unit. Annual demand for the product is best described by a normal distribution with a mean of 1200 units and a standard deviation of 300 units. (Assume they produce exactly enough units to meet the annual demand. a. Develop an @RISK simulation model and run it for 1,000 iterations.

Don't use plagiarized sources. Get Your Custom Essay on
Simulation model.
Just from $13/Page
Order Essay
Place Order
Grab A 14% Discount on This Paper
Pages (550 words)
Approximate price: -
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Try it now!

Grab A 14% Discount on This Paper

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.