Problem
Write a report along the following guidelines. Make sure your policy suggestions are based on simulations with at least 1000 iterations for each case. You are required to use @Risk.
• Provide a description of your spreadsheet model. Explain how each problem input was computed and modelled using the appropriate distribution. Also provide a description of how you compute the various characteristics of the system (total demand, the number of cars sold, the number of unsatisfied customers, etc).
• If you are restricted to importing the same number of cars every month, what would be your optimal strategy? Describe the profit and other relevant characteristics of this policy.
• If you are allowed to import a different number of cars every month, what would be your optimal ordering policy? Describe the profit and other relevant characteristics of this policy. Compare this policy to that in (2).
• Assume you decided to take orders 6 months ahead and that the number in the first row of the above table were the actual demands. What would be your optimal ordering policy? Would your mean profit increase?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.