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Topic of the question is Betting on uncertain demand : the newsvendor model Question 1 . The Penn Bookstore is doing an audit of the magazine procurement process. A consultant recommends an in-stock probability of 80% for all of the magazines they stock. If they follow the consultant's recommendation (and achieve an 80% in-stock probability), what is the expected fraction of their magazines that will experience a stock-out? (in %) Question 2. 1. National Geographic still sells a considerable number of copies. Its demand for the April issue is forecasted to be normally distributed with a mean of 80 and a standard deviation of 35. If the Penn Bookstore stocks 100 copies, how many copies can they expect to return to the publisher at the end of the month? (National Geographic is a monthly periodical.) Question 3. 1. Consider another magazine, Green Business. The forecast for an issue is Poisson with mean 4.25. How many issues should the Penn Bookstore stock if they want to ensure a 99.6% in-stock probability? Question 4. 1. If 6 copies of Green Business is ordered, how many copies of the Green Business should they expect to sell (i.e., expected sales)? (Recall, demand is Poisson with mean 4.25.)
Old Product is sold at $5 and Improved Product delivers $2 more in value to customers than Old Product. Improved Product cost $3 per unit to make. What is the reference price for Improved Product? What is the differential value of Improved Product in..
What is the possible daily output of this "process" if 8 hours of processing time is available each day? b. Given your output rate in part a, what is the efficiency of the process?
Comparing goods and services, the similarities stop, and significant differences occur, when the operations involve contact between people.
What is the TQM approach to EI and how does it differ from other approaches? Discuss Deming's influence on this approach.
As a business employer, explain how nontraditional work schedules might make it easier for you to recruit employees.
Determine the expected number of nonconforming units that will result from a production run of 20,000 units. Assume that all previously stated conditions regarding the process remain as described during the production run of 20,000.
The majority of contractual arrangements will probably be successful, but when performance is poor, how do we hold the contractor or supplier accountable
Actual sales for the year you forecast in part (a) were 17.2, 13.2, 10.8, and 14.2 for quarters 1, 2, 3, and 4, respectively. Use these actual sales ?gures along with your forecasts to calculate the root-mean-squared error for the forecast period.
Identify cultural conflicts, identify and discuss the sources of conflict related to the culture of the country or countries where General Electric does business, and why these conflicts occurred and who was involved?
1. using the concepts discuss the various types of organizational structures i.e. functional divisional product
One group of 20 trainees estimated a total overall monthly cost benefit of $336,000 related to business improvements and showed an average 70 percent confidence level with that estimate.
Assuming this aircraft will give Airbus a competitive advantage in the segment of the airliner business which supplies airplanes for long international flights, why did Boeing not respond.
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