help on solving this , about simulation , risk anaylsis, forecasting

help on solving this , about simulation , risk anaylsis,  forecasting

help on solving this , about simulation , risk anaylsis, forecasting
PART ONE (30) The Operations manager of AZOON Company which sells supplies (specifically, oven and dishwasher) was trying to simulate their orders against the demand of Oven. It was noted that in the previous months the demand of the Suctions was so uncertain and has a uniformly distribution probability with a minimum demand of 3 and maximum if 100 units. Moreover, it has also noticed that the Oven demand has a linear relationship with the Suction demand as shown in the table below: Suction Oven 50 20 100 30 190 45 250 50 300 80 400 70 300 45 350 36 230 23 150 130 Since uncertainty is quite high in the demand, they are concerned about the cost of inventory at the end of each month which is said to be \$60 per unit however the shortage cost is estimated to be \$12. This particular product is sold at \$600 but for the fast-moving product during December, January and April, the company increases the price to 10% more and put back to normal price on the other months. Their yearly fixed cost is estimated to be \$9000 daily. Create a year simulation showing the monthly profit and the total profit for the whole simulation period. Using the following different strategies: Lead Time (month) Reorder level 100 200 300 Reorder quantity 200 300 250 Reorder cost \$300 \$250 \$200 Generate the summary report showing the number of months when stock out occurred, the mean of the closing stock level, number of orders placed, number of times there were back orders. Which among strategies is the most appropriate for the company and why? After selecting the best strategy, show at what demand the company with have the best profit? PART TWO (30) Management Consultation Center MCC is a well-established educational and training center in Kingdom of Bahrain. The center provides different types of workshops and certificates to enhance knowledge on innovation, and entrepreneurship. The following are the center event schedule for March 2019 Event Date Instructor Rate per participants Fee per participants Package (course material) per participants Workshop in entrepreneurship and innovation 1st to 5th March \$30 \$200 \$30 Workshop in Data science 11th to 15th March \$40 \$220 \$40 Certificate in Digital Marketing and innovation 21st to 30th March ??? \$300 \$75 Event No. Participants period Workshop in entrepreneurship and innovation Max: 100 , Min: 70 5 days Workshop in Data science Mean: 75 STD: 15 5 days Certificate in Digital Marketing and innovation Max: 30 Min: 15 10 days The center has the following halls Capacity Rent Hall A 50 \$700 Hall B 100 \$1000 Hall C 25 \$300 Calculate the instructors rate/per hour for the certificate which is decided by the average of the number of customers of workshop 1 and workshop 2 when the profit of the workshop 2 is greater than workshop1 by 800. Is the MCC schedule is profitable for this month (profit should be more than or equal 3500) Which events of the MCC (workshop1 or workshop 2) should be conducted on the period between the 16th to 20th of March in order to gain profit of 4500