Need help on how to run the simulation for this problem in excel @risk. I constructed the spreadsheet below, not sure to what to do generate the result. Please step by step, trying to learn. Madeira Manufacturing Company (MMC) is considering the introduction of a new product. Before deciding, they would like you to do a risk analysis of the situation to assess whether the introduction of the new product is a good idea for the company. The (annual) fixed cost to begin production of the new product is $30,000. The variable cost for the product is uniformly distributed between $16 and $24 per unit. The product will sell for $50 per unit. Annual demand for the product is best described by a normal distribution with a mean of 1200 units and a standard deviation of 300 units. (Assume they produce exactly enough units to meet the annual demand. a. Develop an @RISK simulation model and run it for 1,000 iterations.
