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bulid me an Arena model

An insurance company has a particular type of insurance policy which costs $100 for six months of coverage. The probability of a claim being filed per policy and month is 0.01. Given that the claim is filed, the size follows a triangular distribution with minimum value $50, most likely value $200 and maximum value $500. Assume independence in the filling of claims between policies and for month to month.

1 - Develop and run an ARENA model to estimate the average profit and the probability of loss per policy ?.

2 - Solve problem 1 on MS-Excel. Compare the results of the solutions of problems 1 and 2. ?

Skills: Finance, Business Analysis, Report Writing, Excel, Industrial Engineering

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( 0 reviews ) Jeddah, Saudi Arabia

Project ID: #21905214

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solomasla

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Aitzaz1

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etransguru

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Tushar0923f

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