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Suppose we are considering the question of how much capacity to build in the face of uncertain demand. Assume that the cost is $20 per unit of lost sales due to insufficient capacity. Also assume that there is a cost of $7 for each unit of capacity built. The probability of various demand level is as follows:
Demand-X Units
Probability of X
0
0.05
1
0.1
2
0.15
3
0.2
4
5
6
7
How many units of capacity should be built to minimize the total cost of providing capacity plus lost sales?
Standard deviations for first- and second-time and confidence interval
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