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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.
INTRODUCTION : The other day I overheard 6-year-old Ahmed explaining to his older sister about why swallowing the seeds of an orange is harmful. He said, "The seed will become a p
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Owner of a computer repair shop has daily revenue with mean $7200 and SD $1200 Daily revenue for next 30 days will be monitored. What is probability that daily revenue for those 30
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