Refer to Case 10.1 Ski Jacket Production on p. 584 in Practical Management Science, and answer the following questions:
Table 15.2 Estimated Demands
\begin{tabular}{rr}
14,000 & 16,000 \\
13,000 & 8000 \\
14,000 & 5000 \\
14,000 & 11,000 \\
15,5
14,000 16,000 13,000 8000 14,000 5000 14,000 11,000 15,500 8000 10,500 15,000
a. Based on the demand estimates,
mean =
standard deviation = (round your answers to whole numbers, no commas)
Now, perform a Monte Carlo simulation in Excel to determine the mean profit based on 1,000 iterations (trials). Use the following production runs: 9000, 9500, 10000, 10500, and 11000.