Solution-Determine the optimal value for q that maximizes

Determine the optimal value for q that maximizes probability

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Reference no: EM131619484

Question: If you have access, use any optimization via simulation software to solve Exercise.

Exercise: The demand for an item follows N(IO, 2). It is required to avoid the shortage. Let Q be the order quantity. Assuming Q to be an integer between I 0 and 150, determine the optimal value for Q that maximizes the probability, so that the shortage is equal to zero. Use random search algorithm.

Reference no: EM131619484

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Determine the optimal value for q that maximizes probability

Reference no: EM131619484

Reference no: EM131619484

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