Use the data set shown below to answer the following question(s). The demand at the ticket booking center can be modeled by a Poisson distribution with a mean of 220.Assume that each reservation has a constant probability of p = 0.02 of being cancelled.Use Crystal Ball functions for the model.
-For the data given above,the number of reservations made is obtained using the formula ________.
A)MIN(Reservation limit,Customer demand)
B)Seats available - Reservation limit
C)Price + Overbooking cost
D)MAX(0,Customer demand)

Question

Use the data set shown below to answer the following question(s).  The demand at the ticket booking center can be modeled by a Poisson distribution with a mean of 220.Assume that each reservation has a constant probability of p = 0.02 of being cancelled.Use Crystal Ball functions for the model.
-For the data given above,the number of reservations made is obtained using the formula ________.
A)MIN(Reservation limit,Customer demand) 
B)Seats available - Reservation limit 
C)Price + Overbooking cost 
D)MAX(0,Customer demand)

Quizplus · Accepted Answer

The number of reservations made cannot exceed the customer demand, but it also cannot exceed the reservation limit. Therefore, the number of reservations made is the minimum of the reservation limit and the customer demand.

Use the Data Set Shown Below to Answer the Following