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Qat Task 1

In: Business and Management

Submitted By Hibbaki
Words 455
Pages 2
A)Probability distribution of material cost per unit

|Material cost |Probability |Cumulative Probability |
|33 |0.18 |0.18 |
|35 |0.23 |0.41 |
|38 |0.32 |0.73 |
|39 |0.27 |1.00 |
|Total |1.00 | |

Average material cost per unit = [pic]

Simulated values of material cost per unit

|Serial Numbers|Random Numbers|Material Cost |
|1 |0.6287 |38 |
|2 |0.2275 |35 |
|3 |0.2757 |35 |
|4 |0.7330 |39 |
|5 |0.4994 |38 |
|6 |0.1383 |33 |
|7 |0.2978 |35 |
|8 |0.3493 |35 |
|9 |0.5277 |38 |
|10 |0.4134 |38 |

Probability distribution of labour cost per unit

|Labour |Probability |Cumulative Probability |
|22 |0.12 |0.12 |
|23 |0.18 |0.30 |
|24 |0.22 |0.52 |
|25 |0.28 |0.80 |
|28 |0.20 |1.00 |
|Total |1.00 | |

Average labour cost per unit [pic]

Simulated values of labour cost per unit

|Serial Numbers|Random Numbers|Labour Cost |
|1 |0.5128 |24 |
|2 |0.2558 |23 |
|3 |0.0133 |22 |
|4 |0.1658 |23 |
|5 |0.6727 |28 |
|6 |0.9280 |28 |
|7 |0.9324 |28 |
|8 |0.1912 |23 |
|9 |0.1730 |23 |
|10 |0.8557 |28 |

Probability distribution of utilities cost per unit

|Utilities | Probability |Cumulative Probability |
|3 |0.26 |0.26 |
|4 |0.43 |0.69 |
|6 |0.31 |1.00 |
|Total |1.00 | |

Average utilities cost per unit [pic]

Simulated values of utilities cost per unit

|Serial Numbers|Random Numbers|Utilities Cost |
|1 |0.8468 |6 |
|2 |0.4272 |4 |
|3 |0.5350 |4 |
|4 |0.0975 |3 |
|5 |0.5039 |4 |
|6 |0.7314 |6 |
|7 |0.3005 |4 |
|8 |0.7042 |6 |
|9 |0.0521 |3 |
|10 |0.9027 |6 |

Average total cost per unit = Average materials cost per unit + Average labour cost per unit + average utilities cost per unit = [pic]

The simulated results are summarised below.

|Serial Numbers |Material Cost |Labour Cost |Utilities Cost |Total Cost |
|1 |38 |24 |6 |68 |
|2 |35 |23 |4 |62 |
|3 |35 |22 |4 |61 |
|4 |39 |23 |3 |65 |
|5 |38 |28 |4 |70 |
|6 |33 |28 |6 |67 |
|7 |35 |28 |4 |67 |
|8 |35 |23 |6 |64 |
|9 |38 |23 |3 |64 |
|10 |38 |28 |6 |72 |
|Total |364 |250 |46 |660 |
|Average |36.4 |25 |4.6 |66 |

B)Using the probability distributions, the average total cost per unit is $65.70 and the product should be sold at a price of $85.70 to get an average mark up of $20.00 per unit.

Using the simulated results, the estimate of the average total cost per unit is $66 and the product should be sold at a price of $86.00 to get an average mark up $20.00 per unit.…...

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