Describe the conceptual analysis process

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Suppose a retailer has two markets, 1 and 2. Demand 1 follows normal distribution with a mean 80 and a standard deviation of 15. Demand 2 follows a continuous uniform distribution in the range [30, 75]. The retailer needs to know the mean and standard deviation of the minimum of the two demands, i.e., min {D1, D2}. Please describe the conceptual analysis process to find these two parameters by using simulation. (show key excel functions/commands in each step)

Reference no: EM132156131

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