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describe Decision making using EMV.

You are considering adding a fresh food product to your store for resale. You are confident that in a month, minimum demand for the product will be 6 units, while maximum demand will be 8 units. (Unfortunately the fresh product has a one-month shelf life and is considered to be waste at the end of the month.) You will pay $60/unit for this new product while you plan to sell the product at a $40/unit profit. The estimated demand for this fresh product in any given month is 6 units (p=0.1). 7 units (p=0.4), and 8 units (p=0.5). Using EMV analysis find how many units of the new product should be purchased for resale?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923451

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