1. An insurance company has a particular type of insurance policy which costs $100 for six months of [login to view URL] 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.
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 simulation and management of both software.
I want to build an excellent reputation here as a freelancer so I will do my very best. Looking forward to reading back from you very soon to further discuss the details of this project and work together.
Best regards