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Math/Physic/Economic/Statistic Problems

Math/Physic/Economic/Statistic Problems

Kalbarri Touring & Co. (KT&C) has been hosting national and international tourists
in Western Australia in the last 12 years. KT&C is in particular very well known for their
safari and bushwalking services. Management of KT&C is investigating the recent
changes in the industry as well as the regulations (based on the bushfires and other
environmental impacts) in Australia to improve these two services. Creativity and
Development Manager of Kalbarri Touring & Co has been allocated to create a list of
all the potential risks of this new proposal.
Part (a)
Suppose that you are part of consultation team of the Creativity and Development
Manager to categorise risks involved. Make a risk register for this company and
ensure to discuss about mitigation of all the risks found. You need to discuss about
four risks in this project; two opportunities and two threats. You can also review the
existing literature to support your discussion.
Part (b)
KT&C has planned to design a new type of tent (to sell under KT&C brand) for which
you are hired as the project manager.
Based on your experiences, you are aware that you can buy the fabric used in this
tent between $390 and $420 per tent, which follows the Uniform distribution. It is also
found that metal of this tent follows Normal distribution with mean value of $860 per
tent and its standard deviation is $25.
Furthermore, labour cost can be considered as a decision variable as $235 per tent.
All other costs, including preproduction marketing, are considered as $750,000 and
also you have decided to sell each tent for $2250.
You need to employ Monte Carlo Simulation to simulate potential profit of this project.
However, for this purpose, you need to know about demand.
For demand, you should consider the last four digits of your student ID number at the
College. For instance, if your ID number is 20190XXXX, then you should consider
demand as XXXX.
Illustrate your simulation result by running 100 trial simulations and then find
maximum, average and minimum profit.
How to submit
One single MS Excel file needs to be submitted for this assignment. In your file, you
should have two different spreadsheets as below:
– One spreadsheet dedicated to Part (a) [including a report of 600 – 700 words]
– One spreadsheet dedicated to Part (b) [including your Monte Carlo Simulation
and its trials]