A restaurant uses 40 jars of a special sauce each week. The manager is willing to accept no more than a 0.62% risk of stockout. Average lead time is 3 weeks with a standard deviation of 0.5 weeks. Assume the distribution of usage is normal. Determine the value of z.
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- A restaurant uses 40 jars of a special sauce each week. The manager is willing to accept no more than a 0.62% risk of stockout. Average lead time is 3 weeks with a standard deviation of 0.5 weeks. Assume the distribution of usage is normal. Determine the ROP.Wholemark is an Internet order business that sells one popular New Year's greeting card. The cost of the paper on which the card is printed is $0.10 per card, and the cost of printing is $0.42 per card. The company receives $2.40 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Based on past data, the number of customers from Los Angeles is normally distributed with a mean of 2,500 and a standard deviation of 600. What is the optimal production quantity for the card for Los Angeles, if Wholemark only makes a one-time production for this area? Round to the nearest integer.A restaurant uses 40 jars of a special sauce each week. The manager is willing to accept no more than a 0.62% risk of stockout. Average lead time is 3 weeks with a standard deviation of 0.5 weeks. Assume the distribution of usage is normal. Determine the ROP. Group of answer choices 470 units 370 units 270 units 170 units
- One item a computer store sells is supplied by a vendor who handles only that item. Demand forthat item recently changed, and the store manager must determine when to replenish it. The managerwants a probability of at least 96 percent of not having a stockout during lead time. The managerexpects demand to average a dozen units a day and have a standard deviation of two units a day.Lead time is variable, averaging four days with a standard deviation of one day. Assume normalityand that seasonality is not a factor.a. When should the manager reorder to achieve the desired probability?b. Why might the model not be appropriate if seasonality were present?a retailer uses fixed time period model with safety stocks. it order a certain product every 14 days when the sales person arrives. the lead time of the product to arrive is 4 days. the average demand per deay is 20 units with standard deviation on daily demand being 6 units.. they have currently 200 units on stock. how many units should be ordered if the instock probability if percent is supposed to be 93?University of Florida football programs are printedI week prior to each home game. Attendance averages 90,000screaming and loyal Gators fans, of whom two-thirds usually buythe program, following a normal distri bution, for $4 each. Unsoldprograms are sent to a recycling center that pays only 10 cents perprogram. The standard deviation is 5,000 programs, and the costto print each program is $ 1.a) What is the cost of underestimating demand for each program?b) What is the overage cost per program?c) How many programs should be ordered per game?d) What is the stockout risk for this order size?
- A hotel near the university always fills up on the evening before football games. History has shown that when the hotel is fully booked, the number of last-minute cancellations has a mean of 5 and standard deviation of 3. The average room rate is $130 and customers need to pay when they make the reservation. When the hotel is overbooked, its policy is to find a room in a nearby hotel and to pay for the room for the customer and this usually costs the hotel approximately $200 since rooms booked on such late notice are expensive. How many rooms should the hotel overbook?Next week, Super Discount Airlines has a flight from New York to Los Angeles that will be booked to capacity. The airline knows from history that an average of 25 customers (with a standard deviation of 13) cancel their reservation or do not show for the flight. Revenue from a ticket on the flight is $135. If the flight is overbooked, the airline has a policy of getting the customer on the next available flight and giving the person a free round-trip ticket on a future flight. The cost of this free round-trip ticket averages $218. Super Discount considers the cost of flying the plane from New York to Los Angeles a sunk cost. By how many seats should Super Discount overbook the flight? Use Excel's NORM.S.INV() function to find the z value.Next week, Super Discount Airlines has a flight from New York to Los Angeles that will be booked to capacity. The airline knows from history that an average of 25 customers (with a standard deviation of 15) cancel their reservation or do not show for the flight. Revenue from a ticket on the flight is $125. If the flight is overbooked, the airline has a policy of getting the customer on the next available flight and giving the person a free round-trip ticket on a future flight. The cost of this free round-trip ticket averages $250. Super Discount considers the cost of flying the plane from New York to Los Angeles a sunk cost. By how many seats should Super Discount overbook the flight? Note: Use Excel's NORM.S.INV() function to find the z value. Round z value to 2 decimal places. Round your answer to the nearest whole number.
- You are a newsvendor selling the New York Times every morning. Before you get to work, you buy the day’s newspaper for $0.90 a copy. You sell a copy of the New York Times for $4.0. Daily demand is distributed normally with a mean of 130 and a standard deviation of 20. At the end of each morning, any leftover copies can be sold to a recycling center for $0.10. How many copies of the New Yorkou are a newsvendor selling the San Pedro Times every morning. Before you get to work, you go to the printer and buy the day’s paper for $0.50 a copy. You sell a copy of the San Pedro Times for $1.25. Daily demand is distributed normally with mean = 335 and standard deviation = 67. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. How many copies of the San Pedro Times should you buy each morning and what is the probability that you will run out of stock? Use Excel's NORM.S.INV() function to find the z value.Daily demand for a product is 10 units. The standard deviation of demand during the review and lead time is 20 units. The review period is 30 days and the lead time is 14 days. At the time of review there are 150 units in stock. If the probability of stockout should not exceed 2%, how many units should be ordered?