Chelsea truman sells celebrity magazines on sunday morning, Ask an Expert

Management Studies

Chelsea Truman sells celebrity magazines on Sunday morning in an area surrounded by three busy shopping centers. Demand for the magazines is distributed as shown in the following table: DEMAND PROBABILITY 50 0.05 75 0.10 100 0.25 125 0.30 150 0.20 175 0.10 Chelsea has decided to order 100 magazines from her supplier. Chelsea pays $2 for each magazine she orders and sells each magazine for $3. Unsold magazines can be returned to the supplier for $0.75. (a) Simulate 1 year (52 Sundays) of operation to calculate Chelsea’s total yearly profit. Replicate this calculation N times. What is the average yearly profit? (b) Chelsea would like to investigate the profit ability of ordering 50, 100, 150, and 175 magazines at the start of each Sunday. Which order quantity would you recommend? Why? Is this solved using a random numbers generator program? Excel =RAND() ? Excel =RANDBETWEEN()? Can you give me an example of how to enter the values into =RAND() and =RANDBETWEEN()

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Operation Management, Management Studies

Category:- Operation Management
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