A fisherman is trying to perfect his business in order to, Ask an Expert

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A fisherman is trying to perfect his business in order to maximize the money he can save for a new car. Daily fish sales are normally distributed, with a mean of 100 and standard deviation of 10. He sells each fish for $0.60 and pays $0.25 for them. The fisherman has to get rid of unsold fish by paying a waste removal facility fee of $0.10 per fish. How many fish should he order each day and what % of the time will he experience a stockout? Are there any drawbacks to the order size proposed and how could the fisherman address such issues? (Show all work)

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Operation Management, Management Studies

Category:- Operation Management
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