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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.
Peter purchased 14 latest baseball cards for his collection. This increased the size of his collection through 35%. How many baseball cards does Peter now have? First, you must
Expected Value For taking decisions under conditions of uncertainty, the concept of expected value of a random variable is used. The expected value is the mean of a probability
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x=-3(y-2)^2+4
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