Question.4215 -
Answer Below:
PHPWord body {font-family: 'Arial'; font-size: 11pt;} * {font-family: 'Arial'; font-size: 11pt;} a.NoteRef {text-decoration: none;} hr {height: 1px; padding: 0; margin: 1em 0; border: 0; border-top: 1px solid #CCC;} table {border: 1px solid black; border-spacing: 0px; width : 100%;} td {border: 1px solid black;} p, .Normal {margin-bottom: 8pt;} .Normal Table {table-layout: auto;} .List Paragraph {margin-left: 360in; margin-right: 0in;} body > div + div {page-break-before: always;} div > *:first-child {page-break-before: auto;} @page page1 {size: A4 portrait; margin-right: 1in; margin-left: 1in; margin-top: 1in; margin-bottom: 1in; } Managerial Report Prepare a managerial report that addresses the following issues and recommends an order quantity for the Weather Teddy product: Use the sales forecaster's prediction to describe a normal probability distribution that can be used to approximate the demand distribution. Sketch the distribution and show its mean and standard deviation. Given : Expected demand is between 30000 and 10000 units. Mean (ยต) = 20000 Probability of 0.95 ; z = 1.96 Using the standard normal distribution , z = ( x -ยต ) / ๐ = ( 30000 โ 2 0000 ) / ๐ 1.96 = 10000 / ๐ ๐ = 10000 / 1.96 ๐ = 5102.04 units Therefore , Mean = 20000 units and standard deviation = 5102 units. Compute the probability of a stock-out for the order quantities suggested by members of the management team. For each of the order quantity, 15000, 18000, 24000, and 28000, the probability of stock-out can be calculated using the excel formula NORMDIST (x, ยต, ๐, true) x- order quantity , ยต = 20000, ๐ = 5102.04 Z โ score can be calculated using the formula Z = ( x - ยต ) / ๐More Articles From Quantitative methods for managers
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