Use Simulation to Obtain Data Based on Probabilities
-(A) Simulate $\frac { 1 } { 4 }$

question 90

Essay

Use Simulation to Obtain Data Based on Probabilities
-(a) Simulate the experiment of sampling 100 four-child families to estimate the probability that a four-child family has three girls. Assume that the outcomes "have a girl" and "have a boy" are equally likely.
(b) Simulate the experiment of sampling 1000 four-child families to estimate the probability that a four-child family has three girls. Assume that the outcomes "have a girl" and "have a boy" are equally likely.
The classical probability that a four-child family has three girls is $\frac { 1 } { 4 }$ . Compare the results of (a) and (b) to the probability that would be obtained using the classical method. Which answer was closer to the probability that would be obtained using the classical method Is this what you would expect

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Definitions:

Yield Management

A pricing strategy used in industries with fixed capacities to maximize revenue by adjusting prices based on demand.

Operations Management

is the area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services.