In this analysis, you will be using the solver add-in with Microsoft Excel to perform a Monte Carlo simulation of a business problem.
o Begin by reading the article titled: Introduction to Monte Carlo Simulation here.
o You will need to review this Excel File to follow the example (Valentine.xlsx) C
o Complete this question from the article. You will need to use the attached file (People_Starting-Point.xlsx ) to begin your work (this builds on the Valentine example above).
o Complete this question from the article:
Business Problem
A small supermarket is trying to determine how many copies of People magazine they should order each week. They believe their demand for People is governed by the following discrete random variable:
• In one page or less describe the process you engaged in to calculate the answer to this situation. Include your recommendation based on this calculation.
• Include a copy of your Microsoft Excel file that demonstrates the calculation.