Answer Happy

The Royal Ontario Museum is holding a night gala. The gala has three types of ticket options. The tickets demand is assumed to be normally distributed, and the relevant information is given below: Ticket Type Ticket Price Mean Demand (Tickets) Standard Deviation (Tickets) First Level $1,500 300 100 Second Level $1,000 600 150 Third Level $800 250 30 The guests are expected to visit the cash bar and have an expenditure (per guest) following a triangular distribution with minimum = $15, maximum =$100 and most likely $30. In addition to that, the gift shop will be open during the event, and commemorative souvenirs will be available. The gift shop total sale is variable and follows the distribution: Total sales Probability $80,000 4 $20,000 .3 $60,000 3 The total cost of the event is set to be $500,000. Conduct a Monte Carlo simulation with 100 trials to find the average, standard deviation, minimum and maximum profit of the gala. Conduct the analysis using MS Excel.