Calculate the expected sales of lobster roll per day

Assignment Help Operation Management

Reference no: EM132252241

The owner now wants you to help him analyze his sales data. The restaurant is famous for its Lobo lobster roll. You were given some information based on which you deduced that the demand for the lobster roll was normally distributed with a mean of 220 and standard deviation of 50. You also know that the lobster supplier can provide lobster at a rate that mimics a uniform distribution between 170 and 300. One Lobster is used per roll and the lobsters need to be fresh (i.e. the restaurant can only use the lobsters that are delivered that day).

You decide to run 200 simulations of 1000 days each.

Calculate the expected sales of Lobster roll per day based on your simulation results.

Use the expected sales from each of your 200 simulations to create a confidence interval for the average expected sales. What is the 95% confidence interval, L (Your confidence interval is mean +/- L), for this estimate?

Reference no: EM132252241

Questions Cloud

Subsidiary plans into project management plan : The planning process includes actions necessary to define, integrate, and coordinate all subsidiary plans into a project management plan.

Operations objectives at the penang mutiara : There are many luxurious hotels in the South-East Asia region but few can compare with the Penang Mutiara,

Small business school has assigned secretary : A small business school has assigned a secretary to each of its four departments: accounting, finance, decision technology, and management.

What do you mean by the term brand equity : What do you mean by the term "Brand Equity"? Use an example of a Brand, you are working with or have a special attachment with,

Calculate the expected sales of lobster roll per day : Calculate the expected sales of Lobster roll per day based on your simulation results.

Describe the nature of the researcher investigation : Describe the nature of the researcher's investigation. Identify the contribution that was made by the researcher to the performance of organizations.

Company without unionized workforce : Tex Olafson worked for five years as a messenger for Pressure Sell Advertising Agency, a company without a unionized workforce.

Discuss the purpose of the data administration : Identify and describe the five primary functions of the IS department. Analyze and discuss the purpose of the data administration.

Summarize the management advantages-cost advantages : Summarize the management advantages, cost advantages, and risks of outsourcing.

User Account

All Pages