问题如下：
Alicia Maxwell, an analyst for a REIT, is evaluating the potential purchase of a hotel property. She plans to use simulation analysis to estimate the distribution of the property’s annual operating cash flow for the next five years.
Maxwell recognizes that annual gross revenue for the property depends on the nightly room rate and the occupancy rate. Occupancy rates are assumed to be non-negative and cannot exceed 100%.
Maxwell examines current expenses for the REIT’s other hotel properties and selects the distributions for the simulation of operating expenses and management fees. Maxwell estimates operating expenses to be uniformly distributed between 68% and 70% of revenues and that the property management fee for the hotel is uniformly distributed between 5.9% and 6.1% of total annual revenue.
Which of Maxwell’s assumptions can be best described as a simulation constraint? The assumption about the:
选项：
A. occupancy rate.
B. operating expenses.
C. property management fee.
解释：
A is correct. Without Maxwell’s assumption regarding the constraints that the occupancy rates be between 0% and 100%, the simulation could produce negative occupancy rates or rates above 100%. This assumption serves as a constraint on occupancy rates. Operating expenses are assumed to be a percentage of revenues and are not constrained; what is specified with respect to operating expenses is the distribution. Similarly, for the property management fee, the
distribution is specified, but this is not a constraint.
B is incorrect because the assumption of a specific relation between operating expenses and revenues is
not a constraint.
C is incorrect because the assignment of a distribution, in this case a uniform distribution for the property management fee, is not a constraint. It is merely a step in a simulation in which the statistical distribution and parameters are specified.
