University of Florida football programs are printed 1 week prior to each home game. Attendance averages 60,000 screaming and loyal Gators fans, ofwhom two-thirds usually buy the program, following a normal distribution, for $5 each. Unsold programs are sent to a recycling center that pays only 10cents per program. The standard deviation is 5,000 programs, and the cost to print each program is $2. Refer to the standard normal table for z-values.a) What is the cost of underestimating demand for each program?Cs = $(round your response to two decimal places).b) What is the overage cost per program?Co = $c) How many programs should be ordered per game?programs should be ordered per game (round your response to the nearest whole number).d) What is the stockout risk for this order size?(round your response to two decimal places).Stockout risk =(round your response to four decimal places). The table below shows the total area under the normal curve for a point that is Z standard deviations to the right of themean.Z0.00.10.00 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 0.090.5000 0.5040 0.5080 0.5120 0.5160 0.5199 0.5239 0.5279 0.5319 0.53590.5398 0.5438 | 0.5478 0.5517 0.5557 0.5596 0.5636 | 0.5675 0.5714 0.57540.5793 0.5832 0.5871 0.5910 0.5948 0.5987 0.6026 0.6064 0.6103 0.61410.6179 0.6217 0.6255 0.6293 0.6331 0.6368 0.6406 | 0.64430.6554 0.6591 0.6628 0.66640.20.30.6480 | 0.65170.40.6844 0.68790.50.7190 0.72240.7518 0.75490.91.00.6700 | 0.6736 0.6772 | 0.68080.6915 0.6950 0.6985 0.7019 0.7054 0.7088 | 0.7123 | 0.71570.60.7258 0.7291 0.7324 0.7357 0.7389 0.7422 0.7454 0.74860.7 0.7580 0.7612 | 0.7642 | 0.7673 | 0.7704 | 0.7734 | 0.7764 | 0.7794 0.7823 0.78520.8 0.7881 0.7910 | 0.7939 0.7967 0.7996 0.8023 0.8051 | 0.8079 0.8106 0.81330.8159 0.8186 0.8212 0.8238 0.8264 | 0.8289 0.8315 | 0.8340 | 0.8365 0.83890.8413 0.8438 | 0.8461 0.8485 0.8508 0.8531 0.8554 0.8577 | 0.8599 0.86210.8643 0.8665 | 0.8686 | 0.8708 | 0.8729 0.8749 0.8770 | 0.8790 | 0.8810 | 0.88300.8849 0.8869 0.8888 | 0.8907 | 0.8925 | 0.8944 0.8962 | 0.8980 | 0.8997 0.90150.9032 0.9049 0.9066 0.9082 0.9099 0.9115 0.9131 0.9147 0.9162 0.91770.9192 0.9207 0.9222 0.9236 0.9251 0.9265 0.9279 0.9292 0.9306 0.93191.5 0.9332 0.9345 0.9357 0.9370 0.9382 0.9394 0.9406 0.9418 0.9430 0.94411.6 0.9452 0.9463 0.9474 0.9485 0.9495 0.9505 0.9515 0.9525 0.9535 0.95451.7 0.9554 0.9564 0.9573 | 0.9582 | 0.9591 0.9599 0.9608 0.9616 0.9625 0.96331.11.21.31.4

Note- As we can answer up to three subparts, we will answer the first three here. If answer is…

Answered: University of Florida football programs…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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

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University of Florida football programs are printed 1 week prior to each home game. Attendance averages 90,000 screaming and loyal Gators fans, of whom two-thirds usually buy the program, following a normal distribution, for $5 each. Unsold programs are sent to a recycling center that pays only 10 cents per program. The standard deviation is 5,000 programs, and the cost to print each program is $2. Refer to the standard normal table for z-values. Part 2 a) What is the cost of underestimating demand for each program? Cs=$________ (round your response to two decimal places). Part 3 b) What is the overage cost per program? Co=$_______ (round your response to two decimal places). Part 4 c) How many programs should be ordered per game? ________ programs should be ordered per game (round your response to the nearest whole number). Part 5 d) What is the stockout risk for this order size? Stockout risk=________ (round your response to four decimal places).
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.
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?
University of Florida football programs areprinted 1 week prior to each home game. Attendance averages90,000 screaming and loyal Gators fans, of whom two-thirdsusually buy the program, following a normal distribution, for$4 each. Unsold programs are sent to a recycling center thatpays only 10 cents per program. The standard deviation is5,000 programs, and the cost to print each program is $1.a) What is the cost of underestimating demand for eachprogram?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?
The Mediterranean Restaurant stocks a red Chilean tablewine it purchases from a wine merchant in a nearby city.The daily demand for the wine at the restaurant is normally distributed, with a mean of 18 bottles and a standard deviation of 4 bottles. The wine merchant sends arepresentative to check the restaurant’s wine cellar every30 days, and during a recent visit there were 25 bottles instock. The lead time to receive an order is two days. Therestaurant manager has requested an order size that willenable him to limit the probability of a stockout to 5%.
A retailer uses a periodic review order-up-to model to control the inventory of one of its high volume products. Average demand is 2580 units per week with a standard deviation of 1270. The review period is 5 weeks, the lead time is 11 weeks, and the safety factor used is 0.61. How many stockouts should the retailer expect for this product next year?
Please provide STEP BY STEP instructions using the SINGLE PERIOD MODEL. Cynthia Knott’s oyster bar buys fresh Louisiana oysters for $5 per pound and sells them for $9 per pound. Any oysters not sold that day are sold to her cousin, who has a nearby grocery store, for $2 per pound. Cynthia believes that demand follows the normal distribution, with a mean of 100 pounds and a standard deviation of 15 pounds. How many pounds should she order each day?
Your company currently keeps a safety stock of 554 units of a particular product that has a lead time of 10 days. Records indicate that the weekly demand was as follows: 1176 955 780 1052 736 842 748 993 852 738 794 1444 1333 1372 1106 706 923 734 786 729 1357 1165 1277 683 1106 What is the current service level? Input your result as the decimal form and round to 4 decimal places. You are requested to recommend a safety stock that will ensure an average service level of 97.5%. The lead time is not expected to change. What safety stock would you recommend? (0 decimal places)
A newsvendor orders 8000 units. Demand is normally distributed with a mean of9000 and a standard deviation of 2000. What is the stockout probability?
If it takes a supplier four days to deliver an order once it has been placed and the standard deviation of daily demand is 10, which of the following is the standard deviation of demand during the lead time?
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.
Daily demand for product EPD101 is normally distributed with a mean of 50 units and a standard deviation of 5. Shipping is usually certain with a lead time of 6 days. The cost of placing an order is $8 and annual carrying costs are 20% of unit price of $1.20. A 95% service level is desired for the customers who place orders during the reorder period. Backorders are not allowed. Once stocks are depleted, orders are filled as soon as stocks arrive. No stockout costs. Assume sales made over the entire year.How much to order and what is the reorder point? What is the cost of carrying safety stocks?.

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