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Determine the optimal overbooking policy

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Given the following information, determine the optimal overbooking policy for Talia's Beauty Salon. The salon's capacity is 8 patrons. The historic number of no-shows for a typical day along with the probability of occurrence is shown in the table. The average profitability per patron is $100 and the cost of lost goodwill per patron due to overbooking is approximately $50.

No-Shows Probability

0 0.50
1 0.30
2 0.20

 

 

Reference no: EM132634554

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