call centre has been experiencing significant challenges in their current operations and profits. In order to understand
Posted: Fri May 20, 2022 10:43 am
call centre has been experiencing significant challenges in
their current operations and profits. In order to understand their
current annual profit projects, they would like to call on your
help developing a Monte Carlo simulation.
The call centre sells insurance policies to customers who call in
due to referral incentives spurred on from existing clients.
Currently, they have 100 call consultants employed.
For the entire year, call volumes are normally distributed with a
mean of 580 calls with a standard deviation of 11. At any time in
the day, call consultants are available to accept calls. Each
consultant has an equal probability of being able to take between
20 and 45 calls per day.
Server costs are incurred each day. For every call consultant
(available or not), they are charged $1 000 for 10 or less
consultants, $5 000 between 11 and 100, and $15 000 for more than
100 consultants. They would like this included in the simulation
since other franchise stores vary.
There is an 80% chance that each call will be successful and a
customer would want a policy. Each policy is sold for $75. This is
also dependent on whether there is sufficient call consultant
availability for the call volumes each day. Also, the company pays
each consultant $300 each day.
Write a Monte Carlo function in R, simulating a year by calculating
the average total profit of this call centre. Assume a constant of
100 call consultants, working all 365 days in the year. When
creating your code, also plot each respective cost for the last
year simulated. Use the readline command to prompt for the number
of MC iterations that need to be evaluated. Insert the R code in
the space below and submit an R Script using the naming
convention:
their current operations and profits. In order to understand their
current annual profit projects, they would like to call on your
help developing a Monte Carlo simulation.
The call centre sells insurance policies to customers who call in
due to referral incentives spurred on from existing clients.
Currently, they have 100 call consultants employed.
For the entire year, call volumes are normally distributed with a
mean of 580 calls with a standard deviation of 11. At any time in
the day, call consultants are available to accept calls. Each
consultant has an equal probability of being able to take between
20 and 45 calls per day.
Server costs are incurred each day. For every call consultant
(available or not), they are charged $1 000 for 10 or less
consultants, $5 000 between 11 and 100, and $15 000 for more than
100 consultants. They would like this included in the simulation
since other franchise stores vary.
There is an 80% chance that each call will be successful and a
customer would want a policy. Each policy is sold for $75. This is
also dependent on whether there is sufficient call consultant
availability for the call volumes each day. Also, the company pays
each consultant $300 each day.
Write a Monte Carlo function in R, simulating a year by calculating
the average total profit of this call centre. Assume a constant of
100 call consultants, working all 365 days in the year. When
creating your code, also plot each respective cost for the last
year simulated. Use the readline command to prompt for the number
of MC iterations that need to be evaluated. Insert the R code in
the space below and submit an R Script using the naming
convention: