BUSINESS ANALYTICS
Late in the summer, before the start of the school year, you decide to make a quick phone call to your old college roommate Jeremy Hertz, who now lives in Aspen, Co where he runs a ski-equipment shop. “I love living in a ski town”, says Jeremy. It’s great here all year round! Why don’t you come for Labor Day weekend? It’ll be beautiful, we can do some hiking and eat in all the good restaurants before they get too crowded”. “Plus”, Jeremy continues, “aren’t you taking a Business Analytics Course? I could use your help with my stocking decision for the upcoming ski season.”
How could you resist? So Labor Day weekend finds you in Jeremy’s apartment, planning your next day hiking excursion. “But first”, you say, “tell me about your stocking problem”.
Jeremy says “Why this is hard, is that demand varies. Some seasons I’ve have requests for 250 skis, but one bad year I could only sell 150. Plus there are other complications. If you could help me figure out how many skis to order this year, I’d be truly grateful. Some additional information:
Demand Prob
150 10%
175 30%
200 35%
225 20%
250 5%
Technical Analysis
Fill out the Excel provided
Answer:-
Probability Demand Cost:-
0-10 150 (150*150)
11-40 175 (175*150)
41-75 200 (200*150)
76-95 225 (225*150)
96-100 250 (250*150)
Subsequently on the off chance that request is 250 however the interest is for 150, at that point the staying 100 would be sold for 100, i.e loss of 50, beneath is the figuring:
Sale = 150*275+100*100 = 51,250
Cost = 250*150 = 37,500
BUSINESS ANALYTICS Late in the summer, before the start of the school year, you decide to...
BUSINESS ANALYTICS Late in the summer, before the start of the school year, you decide to make a quick phone call to your old college roommate Jeremy Hertz, who now lives in Aspen, Co where he runs a ski-equipment shop. “I love living in a ski town”, says Jeremy. It’s great here all year round! Why don’t you come for Labor Day weekend? It’ll be beautiful, we can do some hiking and eat in all the good restaurants before they...
Mountain Ski Sports, a chain of ski-equipment shops in Colorado, purchases skis from a manufacturer each summer for the coming winter season. The most popular intermediate model costs $150 and sells for $275. Any skis left over at the end of the winter are sold at the store's spring sale (for $100). Sales over the years are quite stable. Gathering data from all its stores, Mountain Ski Sports developed the following probability distribution for demand: Demand Probability 150 0.05 175...
Mountain Ski Sports, a chain of ski-equipment shops in Colorado, purchases skis from a manufacturer each summer for the coming winter season. The most popular intermediate model costs $150 and sells for $275. Any skis left over at the end of the winter are sold at the store's spring sale (for $100). Sales over the years are quite stable. Gathering data from all its stores, Mountain Ski Sports developed the following probability distribution for demand: Demand Probability 150 0.05 175...
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