Must have @RISK Software with Excel. I need the excel sheets and the PDF/Word with answers to the questions below.
2) Cuban Investors buys real estate, develops it, and resells it for a profit. A new property is
available, and Mark Cuban, the president and owner of Cuban Investors, believes it can be
sold for $160,000. The current property owner asked for bids and stated that the property
will be sold for the highest bid in excess of $100,000. Two competitors will be submitting bids
for the property. Cuban does not know what the competitors will bid, but he assumes for
planning purposes that the amount bid by each competitor will be uniformly distributed
between $100,000 and $150,000. Cuban is considering submitting a bid of anywhere between
$120000 and $150000 (in increments of $5000) for the property. He has consulted you to
help him decide upon the “right” amount to bid for the property in order to maximize his
a. Let’s assume that Cuban decides to bid $120000. Build a simulation model
corresponding to the above scenario and run it for 5000 iterations to answer parts b,
c, and d.
b. Based on your simulation model what is the probability that Cuban will be able to
obtain the property with the bid of 120,000?
c. Please provide a 95% confidence interval on your probability estimate from part b.
d. What is the expected profit associated with the bid of $120,000?
e. Rerun your simulation model (5000 iterations each time) using bid amounts of
$125000, $130,000, $135,000, $140,000, $145,000 and $150,000. You can either run
each simulation separately or use risksimtable as discussed in the live session. Based
on these simulations which bid amount value would you recommend to Mark Cuban
in order to maximize his expected profit?
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