Calculate average monthly revenue

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Reference no: EM132075685

Jesse's Plumbing Service's monthly demand follows a discrete uniform distribution between 40 and 55 jobs. The probability that a specific job will be for minor service (e.g., clogged sink) is 0.65, and the probability that it will be for a major service (e.g., flooded basement) is 0.35. Revenues for minor service follow a normal distribution, with a mean of $100 and a standard deviation of $15. For major projects, Jesse estimates that revenues will be $600 with 30% chance, $900 with 40% chance, or $1,200 with 30% chance. Set up a simulation model for Jesse's problem and replicate it N times to calculate his average monthly revenue.

Reference no: EM132075685

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