In each of the following, name the term defined or answer the question. Answers are listed at the bottom. 1. A term used to describe demand that is uncertain and needs to be forecast.2. We are ordering T-shirts for the spring party and are selling them for twice what we paid for them. We expect to sell 100 shirts and the standard deviation associated with our forecast is 10 shirts. How many shirts should we order?3. We have an item that we stock in our store that has fairly steady demand. Our supplier insists that we buy 1,200 units at a time. The lead time is very short on the item because the supplier is only a few blocksaway and we can pick up another 1,200 units when we run out. How many units do you expect to have in inventory, on average?
In each of the following, name the term defined or answer the question. Answers are listed at the bottom.
1. A term used to describe demand that is uncertain and needs to be
2. We are ordering T-shirts for the spring party and are selling them for twice what we paid for them. We expect to sell 100 shirts and the standard deviation associated with our forecast is 10 shirts. How many shirts should we order?
3. We have an item that we stock in our store that has fairly steady demand. Our supplier insists that we buy 1,200 units at a time. The lead time is very short on the item because the supplier is only a few blocks
away and we can pick up another 1,200 units when we run out. How many units do you expect to have in inventory, on average?
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