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Assignment for Class Discussion: Laurence & Ralph Revisited
Question (a) The assignment consists of the quantitative and qualitative analysis of the ordering decision faced by Laurence and Ralph concerning one of their high-quality coats for men, the L&R Barbour. The demand forecast for the winter season takes the form of a normal distribution with a standard deviation of 6,750 and a mean of 32,500 coats.
Barbour coats are manufactured in China with a delivery price to L&R of €250 per unit. L&R sell these coats for €325 wholesale to retailers. As explained at the beginning of the note, production has tobe ordered from China before demand information is known. For simplicity, we first assume that any Barbours ordered by L&R from China, but unsold at the end of the sales season, are worthless.
Under this assumption, how much should L&R order from China? What are their expected lost sales? And what is their expected profit for the season?
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