okatb. Based on your answers to part a., what is the optimal number of cookles to make?ncesOptimal number of cookiesdozenc. By using marginal analysis, what is the optimal number of cookles to make?Optimal number of cookiesdozen Problem 11-11 (Algo)Famous Albert prldes himself on being the Cookle King of the West. Small, freshly baked cookles are the specialty of his shop. FamousAlbert has asked for help to determine the number of cookles he should make each day. From an analysis of past demand, heestimates demand for cookles asVROBARTLITY OFDENAND0.04DEEAND1,800 dosen2,0002,2000.100.202,4002,6002,0003,0000.260.150.030.14cesEach dozen sells for $0.65 and costs $0.49, which includes handling and transportation. Cookles that are not sold at the end of theday are reduced to $0.30 and sold the following day as day-old merchandise.a. Compute the expected profit or loss for each cookie making decislon quantity. (Round your answer to the nearest whole number.Enter expected losses with a negative sign.)Cookles Baked(Dozen)Probability ofDemandExpectedProfit/Loss1,8000.042,0000.102,2000.282,4000.262,6000.15

Unit Demand Probability 1800 0.4 2000 0.1 2200 0.28 2400 0.26 2600 0.15 2800 0.03 3000…

Answered: Famous Albert prldes himself on being…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Famous Albert prides himself on being the Cookie King of the West. Small, freshly baked cookies are the specialty of his shop. Famous Albert has asked for help to determine the number of cookies he should make each day. From an analysis of past demand, he estimates demand for cookies as DEMAND PROBABILITY OF DEMAND 1,800 dozen 0.05 2,000 0.10 2,200 0.20 2,400 0.30 2,600 0.20 2,800 0.10 3,000 0.05 Each dozen sells for $0.69 and costs $0.49, which includes handling and transportation. Cookies that are not sold at the end of the day are reduced to $0.29 and sold the following day as day-old merchandise. Compute the expected profit or loss for each cookie making decision quantity. (Round your answers to the nearest whole number. Enter expected losses with a negative sign) Based on your answers to part a., what is the optimal number of cookies to make? By using marginal analysis, what is the optimal number of cookies to make?
1. Forrest and Dan make boxes of chocolates for which the demand is uncertain. Forrest says, "That's life." On the other hand, Dan believes that some demand patterns exist that could be useful for planning the purchase of sugar, chocolate, and shrimp. Forrest insists on placing a surprise chocolate-covered shrimp in some boxes so that "You never know what you'll get." Quarterly demand (in boxes of chocolates) for the last three years is shown in the table below: b. If the expected sales for chocolates are 14,400 cases for year 4, use the multiplicative seasonal method to prepare a forecast for each quarter of the year. (Round all intermediate calculations to two decimal places.) The first quarter forecast is what? boxes of chocolates. (Enter your response rounded to the nearest whole number.)
Bigby Riggs sells high-end art frames that are ordered every Thursday to prepare for next week's demand. The most popular frame style is sold at $50 per unit and it costs Bigby $35 per piece. If too many art frames are ordered, Bigby incurs an inventory carrying cost of $2 per frame. If Bigby runs out of stock for the week, he forgoes the profits from missed sales. Bigby has the option to order 100, 150, or 200 art frames to meet next week's demand which can be either 100, 150, or 200 frames. Based on historical demand, Bigby has determined the following probability information: P(100) = 0.4, P(150) = 0.3, P(200) = 0.3 What is the Expected Monetary Value of your best alternative?
Bigby Riggs sells high-end art frames that are ordered every Thursday to prepare for next week's demand. The most popular frame style is sold at $50 per unit and it costs Bigby $35 per piece. If too many art frames are ordered, Bigby incurs an inventory carrying cost of $2 per frame. If Bigby runs out of stock for the week, he forgoes the profits from missed sales. Bigby has the option to order 100, 150, or 200 art frames to meet next week's demand which can be either 100, 150, or 200 frames. Based on historical demand, Bigby has determined the following probability information: P(100) = 0.4, P(150) = 0.3, P(200) = 0.3 The expected value of perfect information (EVPI) is $_________.
Customers at Joe’s Office Supply Store demand anaverage of 6,000 desks per year. Each time an order isplaced, an ordering cost of $300 is incurred. The annualholding cost for a single desk is 25% of the $200 cost of adesk. One week elapses between the placement of an orderand the arrival of the order. In parts (a)–(d), assume that noshortages are allowed.a Each time an order is placed, how many desks shouldbe ordered?b How many orders should be placed each year? c Determine the total annual costs (excluding purchas-ing costs) of meeting the customers’ demands for desks. d Determine the reorder point. If the lead time werefive weeks, what would be the reorder point? (52 weeksone year.)e How would the answers to parts (a) and (b) changeif shortages were allowed and a cost of $80 is incurredif Joe’s is short one desk for one year?
David's Delicatessen flies in Hebrew National salamis regularly to satisfy a growing demand for the salamis in Silicon Valley. The owner, David Gold, estimates that the demand for the salamis is pretty steady at 175 per month. The salamis cost Gold $1.85 each. The fixed cost of calling his brother in New York and having the salamis flown in is $200. It takes three weeks to receive an order. Gold's accountant, Irving Wu, recommendsan annual cost of capital of 22 percent, a cost of shelf space of 3 percent of the value of the item, and a cost of 2 percent of the value for taxes and insurance. How many salamis should Gold have on hand when he phones his brother to send another shipment?
1) A premier service outlet is opened 7 days a week, every day of the year. 40 bottles of their best engine oil is sold per day, with a standard deviation of 9.15, whilst each bottle of oil costs $15. The Outlet does a stock check every Monday when a supply sales representative arrives. Considering that the owner of the outlet wants a 99.5% service probability and lead time delivery of 3 days, how much bottles of oil should the outlet order, if presently there are 55 bottles of oil in stock
David’s Delicatessen flies in Hebrew National salamis regularly to satisfy a growing demand for the salamis in Silicon Valley. The owner, David Gold, estimatesthat the demand for the salamis is pretty steady at 175 per month. The salamis costGold $1.85 each. The fixed cost of calling his brother in New York and having thesalamis flown in is $200. It takes three weeks to receive an order. Gold’s accountant, Irving Wu, recommends an annual cost of capital of 22 percent, a cost of shelfspace of 3 percent of the value of the item, and a cost of 2 percent of the value fortaxes and insurance.c. Suppose that the salamis sell for $3 each. Are these salamis a profitable itemfor Gold? If so, what annual profit can he expect to realize from this item?(Assume that he operates the system optimally.)
David’s Delicatessen flies in Hebrew National salamis regularly to satisfy a growing demand for the salamis in Silicon Valley. The owner, David Gold, estimatesthat the demand for the salamis is pretty steady at 175 per month. The salamis costGold $1.85 each. The fixed cost of calling his brother in New York and having thesalamis flown in is $200. It takes three weeks to receive an order. Gold’s accountant, Irving Wu, recommends an annual cost of capital of 22 percent, a cost of shelfspace of 3 percent of the value of the item, and a cost of 2 percent of the value fortaxes and insurance.b. How many salamis should Gold have on hand when he phones his brother tosend another shipment?
David’s Delicatessen flies in Hebrew National salamis regularly to satisfy a growing demand for the salamis in Silicon Valley. The owner, David Gold, estimates that the demand for the salamis is pretty steady at 175 per month. The salamis cost Gold $1.85 each. The fixed cost of calling his brother in New York and having the salamis flown in is $200. It takes three weeks to receive an order. Gold’s accountant, Irving Wu, recommends an annual cost of capital of 22 percent, a cost of shelf space of 3 percent of the value of the item, and a cost of 2 percent of the value for taxes and insurance.a. How many salamis should Gold have flown in and how often should he order them?b. How many salamis should Gold have on hand when he phones his brother to send another shipment?c. Suppose that the salamis sell for $3 each. Are these salamis a profitable item for Gold? If so, what annual profit can he expect to realize from this item? (Assume that he operates the system optimally.)d. If the salamis…
Question 5 Which pattern would you use in the following situation: you have a Product class which knows its own inventory. It should behave differently when it has inventory vs when it doesn't (e.g. a getPrice method returns "$5.99" or "Out of Stock"). Think about which class should be responsible for choosing the behavior in this case. 1) Strategy 2) Observer 3) State Question 8 MVC's big advantage is that you don't need to tie communications between a UI and a data model to a specific implementation. True / False?
PROBLEM 02. The fine Garment company sells fashion clothing. The forecasted annual demand for its premium leather jacket is 1200. The order processing cost per order is $25, and the inventory holding cost is $50/item/year. How many leather jacket should it order in one shipment? The fine garment company want to use re-order point system. It has the order quantity set at 34.64. To allow uncertainties in delivery and it customer demand, it wishes to hold 4 week of demand as safety stock. What should be re-order point if the delivery lead time is 2 weeks?

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