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A department store faces a decision for a seasonal product for which demand can be high, medium or low. The purchaser can order 1, 2 or 3 lots of this product before the season begins but cannot reorder later. Profit projections (in thousands of euro) are shown below
1. If the probabilities are 0.3 for high, 0.3 for medium and 0.4 for low, what is the recommended order quantity? Calculate the expected return based on these values.
2. Simulate twenty seasons and identify the recommended order quantity from this simulation.
3. Calculate the average return based on the simulated demand and compare your result with the expected return.
Business Applications In this section let's take a look at some applications of derivatives in the business world. For the most of the part these are actually applications wh
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I have some sample simulation and modeling practice questions using isee Stella software.
usefullness of product life cycle
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Analysis of questionnaire completed by holiday makers showed that 0.75 classified their holiday as excellent at Malindi. The probability of hot weather in the resort is 0.6. If th
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