7. SBS Juices sell orange juice. Every morning (7am) the manager has to decide on the amount (liter) of juice to make for customers arriving between 8am and 9am. Demand for the juice follows a normal distribution with a mean of 20 liters per day and a standard deviation of 5 liters per day. Price per liter is $48.067, material cost per liter is $40, and salvage value per liter is $10. What is the optimal level of juice to make each morning to maximize expected profit?
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?Given this frequency distribution, what demand values would be associated with the following random numbers? (Do not round intermediate calculations.) Demand Frequency 16 1 10 2 28 3 46 Random Number Simulated Demand 0.1 0.5 0.9 1.
- 8b) 7,000 drivers from Barrie drive southbound 5 days a week to see a billboard ad on Highway 400 (You cannot see the billboard going north). If we assume there are 200,000 total people in Barrie, what would the GRP per week for the billboard be for the target market of "the entire city of Barrie"?Franklin Tooling, Inc., manufactures specialty tooling for firms in the paper-making industry. All of their products are engineer-to-order and so the company never knows exactly what components to purchase for a tool until a customer places an order. However, the company believes that weekly demand for a few components is fairly stable. Component 135.AG is one such item. The last 26 weeks of historical use of component 135.AG is recorded below. Week Demand Week Demand 1 2 3 4 5 6 7 8 9 10 11 12 13 137 136 143 136 141 128 149 136 134 142 125 134 118 14 15 16 17 18 19 20 21 22 23 24 25 26 131 132 124 121 127 118 120 115 106 120 113 121 119 Use OM Explorer’s Time Series Forecasting Solver to evaluate the following forecasting methods. Start error measurement in the fifth week, so all methods are evaluated over the same time interval. Use the default settings for initial forecasts.i. Naïve (1-Period Moving Average)ii. 3-Period Moving Averageiii. Exponential Smoothing,…Assume Sandra's forecasted ADR for the night is $1600.99. What would be her estimated total room revenue for this day? ADR = Total room revenue / Number of rooms sold
- 4. CWD Business systems maintains a successful Telecom sales department for Top up call credit in which a clerk takes orders by telephone. If the clerk is occupied on one line, incoming phone calls to the department are answered automatically by an answering machine and asked to wait. As soon as the clerk is free, the party that has waited the longest is transferred and answered first. Calls come in at a rate of about 15 per hour. The clerk is capable of taking an order in an average of 3 minutes. Calls tend to follow a Poisson distribution, and service times tend to be exponential. The clerk is paid $15 per hour, but because of lost goodwill and sales, CWD loses about $30 per hour of customer time spent waiting for the clerk to take an order. Part B CWD is considering adding a second clerk to take calls. The store would pay that person the same $15 per hour. Using appropriate formula for the multiple channel model, answer the following questions: a. What is the probability that no…Problem 12-37 (Algo) A small grocery store sells fresh produce, which it obtains from a local farmer. During the strawberry season, demand for fresh strawberries can be reasonably approximated using a normal distribution with a mean of 36 quarts per day and a standard deviation of 5 quarts per day. Excess costs run 50 cents per quart. The grocer orders 41 quarts per day. Use Table. What is the implied cost of shortage per quart? (Round your z value to 2 decimal places, your service level probability to 4 decimal places and your final answer to 2 decimal places.) Shortage cost per quartZeus Computer Chips, Inc., used to have major contracts to produce the Centrino-type chips. The market has been declining during the past three years because of the dual-core chips, which it cannot produce, so Zeus has the unpleasant task of forecasting next year. The task is unpleasant because the firm has not been able to find replacement chips for its production lines. Here is demand over the past 12 quarters: LAST THIS YEAR TWO YEARS AGO UNITS YEAR UNITS UNITS 4,785 3,495 2,696 3,475 3,210 2,078 2,705 1,695 I I I II 3,475 4,195 II II III III III IV 2,995 IV 2,375 IV Use the decomposition technique to forecast demand for the next four quarters. (Do not round intermediate calculations. Round your answers to 2 decimal places.) Period Forecast (Units I II III IV
- Demand for stereo headphones and MP3 players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for last year was as follows: MONTH DEMAND (UNITS) January 4,240 February 4,340 March 4,040 April 4,440 May 5,040 June 4,740 July 5,340 August 4,940 September 5,440 October 5,740 November 6,335 December 6,030 a. Using linear regression analysis, what would you estimate demand to be for each month next year? (Do not round intermediate calculations. Round your answers to 2 decimal places.) b. To be reasonably confident of meeting demand, Nina decides to use 4 standard errors of estimate for safety. How many additional units should be held to meet this level of confidence? (Do not round intermediate calculations. Round…1. Safety stock and service levels are positively correlated. True FalseWhat is the distinction between simulated and anticipated average demand:
