Cheap Rentals has collected the following information on the demand for compact cars over the last 30 days.
$$\begin{array} { | c | c | c | c | c | c | }
\hline \text { Daily Demand } & 10 & 11 & 12 & 13 & 14 \
\hline \text { Number of Days } & 5 & 7 & 8 & 5 & 5 \
\hline
\end{array}$$
a.Use the historical data to estimate the probability distribution of demand for compact cars.
b.What is the theoretical expected demand?
c.Use Crystal Ball to simulate 1000 sample demand values.
d.Compare the mean of the 1000 sample values with the theoretical expected mean.

Question

Cheap Rentals has collected the following information on the demand for compact cars over the last 30 days.
 $$\begin{array} { | c | c | c | c | c | c | } 
\hline \text { Daily Demand } & 10 & 11 & 12 & 13 & 14 \
\hline \text { Number of Days } & 5 & 7 & 8 & 5 & 5 \
\hline
\end{array}$$ 
a.Use the historical data to estimate the probability distribution of demand for compact cars.
b.What is the theoretical expected demand?
c.Use Crystal Ball to simulate 1000 sample demand values.
d.Compare the mean of the 1000 sample values with the theoretical expected mean.

Quizplus · Accepted Answer

The Answer of Cheap Rentals has collected the following information on the demand for compact cars over the last 30 days.
 $$\begin{array} { | c | c | c | c | c | c | } 
\hline \text { Daily Demand } & 10 & 11 & 12 & 13 & 14 \
\hline \text { Number of Days } & 5 & 7 & 8 & 5 & 5 \
\hline
\end{array}$$ 
a.Use the historical data to estimate the probability distribution of demand for compact cars.
b.What is the theoretical expected demand?
c.Use Crystal Ball to simulate 1000 sample demand values.
d.Compare the mean of the 1000 sample values with the theoretical expected mean.

Cheap Rentals Has Collected the Following Information on the Demand