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The Paymore Rental Car Agency rents cars in the small town. It wants to find how many rental cars it should maintain. Based on market projections and historical data, the manager has determined probability distributions for the number of rentals for each day and rental duration (in days only) as shown in following tables:

Number of Customers/Day

Probability

0

0.2

1

0.2

2

0.5

3

0.1

 

1

 

Rental Duration (days)

Probability

1

0.1

2

0.3

3

0.4

4

0.1

5

0.1

 

1

Make a simulation experiment for car agency and simulate using the fleet of four rental cars for ten days.

Evaluate the probability that the agency will not have the car available on demand.

Should the agency expand its fleet? Describe how simulation experiment could be designed to find the optimal fleet size for payment agency.

Statistics and Probability, Statistics

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