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build me a Simulation Model with Arena software

1. An insurance company has a particular type of insurance policy which costs $100 for six months of [url removed, login to view] 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.

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: Business Analysis, Excel, Industrial Design, Industrial Engineering

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About the Employer:
( 0 reviews ) Saudi Arabia

Project ID: #15928258

6 freelancers are bidding on average $33 for this job

shoguna2m

Hello, I have read the project instructions and I can definitely help you with that. I have a lot of experience in the management of Arena and Excel since I have more than 8 years of experience and studies in simulatio More

$60 USD in 3 days
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banildi73

Hi, I used once ARENA but since one year I am using Simio...I think I can use also ARENA forthe simulation

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