Problem #1. Very similar to Freddie the Newsboy. Like Freddie, who determined how many papers to order, you are determining how many rooms to reserve. Take literally that the objective is to minimize the Total Cost of all rooms, both the ones pre-reserved at the lower price and the ones needed above that number at the higher price.
BANA7012 ?Decision Modeling?
Assignment #2, Due 6:00 PM, Tuesday, November 22, 2016
Paper Copies Preferred. Files Attached to Emails Also Accepted.
1. You have been hired as Director of Conferences for the Decision Sciences Institute (DSI).
Six months before the annual DSI conference at the Loews Anatole Hotel in Dallas, Texas,
you must determine the number of rooms to reserve. Each attendee is guaranteed a
single King Room overlooking the Dallas skyline and DSI can reserve King Rooms at the
rate of $150.00 per room. DSI believes that the number of attendees will be
approximately normally distributed with a mean of 5,000 and a standard deviation of
1,000. If the number of attendees exceeds the number of rooms reserved before the
deadline, extra rooms must be reserved at a cost of $180.00 per room. Explain and
document well your solutions for ?
a. Develop a spreadsheet model and employ simulation and @Risk software to
determine the number of rooms that DSI should reserve to minimize total
expected costs for all conference attendees. Carol Latta, DSI Executive Director,
wishes for you to consider all options for reserving rooms that are within two
standard deviations away from the expected number of total rooms needed.
b. The Loews Anatole Hotel is considering an increase to $210.00 for extra rooms
reserved after the deadline and DSI would be contractually obligated to that
increase. How would that affect your decision for DSI?
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