Dan McClure owns a thriving independent bookstore in artsy New Hope, Pennsylvania. He must decide how many copies to order of a new book, Power and Self-Destruction, an exposé on a famous politician’s lurid affairs. Interest in the book will be intense at first and then fizzle quickly as attention turns to other celebrities. The book’s retail price is $20, and the wholesale price is $12. The publisher will buy back the retailer’s leftover copies at a full refund, but McClure Books incurs $4 in shipping and handling costs for each book returned to the publisher. Dan believes his demand forecast can be represented by a normal distribution with a mean of 200 and a standard deviation of 80. Round your answer to 2 digits after the decimal point if it is not an integer. Do NOT use comma in your numeric answers. Dan will consider this book to be a blockbuster for him if it sells more than 400 units. The probability that Power and Self-Destruction will be a blockbuster is [xa]% (use the standard normal table below). Dan considers a book a “dog” if it sells less than 50% of his mean forecast. The probability this exposé will be a “dog” is [xb]% (use the standard normal table below). The probability that demand for this book will be within plus and minus 20% range of the mean forecast is [xc]% (use the standard normal table below). In order to achieve a 95% in-stock probability, Dan needs to order [xh] copies of the book (use the standard normal table below). If Dan achieves a 95% in-stock probability, then the probability that some customer won’t be able to purchase a copy of the book will be [xi]%. Suppose Dan orders 300 copies of the book. Dan’s expected leftover inventory will be [xj] copies, expected sales will be [xk] copies, and expected profit will be $[xl] (use the standard normal table below
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Dan McClure owns a thriving independent bookstore in artsy New Hope, Pennsylvania. He must decide how many copies to order of a new book, Power and Self-Destruction, an exposé on a famous politician’s lurid affairs. Interest in the book will be intense at first and then fizzle quickly as attention turns to other celebrities. The book’s retail price is $20, and the wholesale price is $12. The publisher will buy back the retailer’s leftover copies at a full refund, but McClure Books incurs $4 in shipping and handling costs for each book returned to the publisher. Dan believes his demand
Round your answer to 2 digits after the decimal point if it is not an integer. Do NOT use comma in your numeric answers.
Dan will consider this book to be a blockbuster for him if it sells more than 400 units. The probability that Power and Self-Destruction will be a blockbuster is [xa]% (use the standard normal table below).
Dan considers a book a “dog” if it sells less than 50% of his mean forecast. The probability this exposé will be a “dog” is [xb]% (use the standard normal table below).
The probability that demand for this book will be within plus and minus 20% range of the mean forecast is [xc]% (use the standard normal table below).
In order to achieve a 95% in-stock probability, Dan needs to order [xh] copies of the book (use the standard normal table below).
If Dan achieves a 95% in-stock probability, then the probability that some customer won’t be able to purchase a copy of the book will be [xi]%.
Suppose Dan orders 300 copies of the book. Dan’s expected leftover inventory will be [xj] copies, expected sales will be [xk] copies, and expected profit will be $[xl] (use the standard normal table below).
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