. CPG Bagels starts the day with a large production run of bagels. Throughout the morning, additional bagels are produced as needed. The last bake is completed at 3 p.m. andthe store closes at 8 p.m. It costs approximately $0.20 in materials and labor to make a bagel. The price of a fresh bagel is $0.60. Bagels not sold by the end of the previous day are sold the next day as “day old” bagels in bags of six for $0.99 a bag. About two-thirds of the day-old bagels are sold; the remainder are just thrown away. There are many bagel flavors, but for simplicity, concentrate just on the plain bagels. The store manager predicts that demand for plain bagels from 3 p.m. until closing is normally distributed with a mean of 54 and a standard deviation of 21. a. How many bagels should the store have at 3 p.m. to maximize the store’s expected profit (from sales between 3 p.m. and closing)? (Hint: Assume day-old bagels are sold for $0.99/6 = $0.165 each; that is, don’t worry about the fact that day-old bagels are sold in bags of six.) b. Suppose the store manager has 101 bagels at 3 p.m. How many bagels should the store manager expect to have at the end of the day? c. Suppose the manager would like to have a .95 in-stock probability on demand that occurs after 3 p.m. How many bagels should the store have at 3 p.m. to ensure that level of service?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
. CPG Bagels starts the day with a large production run of bagels. Throughout the morning, additional bagels are produced as needed. The last bake is completed at 3 p.m. andthe store closes at 8 p.m. It costs approximately $0.20 in materials and labor to make
a bagel. The price of a fresh bagel is $0.60. Bagels not sold by the end of the previous day are sold the next day as “day old” bagels in bags of six for $0.99 a bag. About
two-thirds of the day-old bagels are sold; the remainder are just thrown away. There are
many bagel flavors, but for simplicity, concentrate just on the plain bagels. The store
manager predicts that demand for plain bagels from 3 p.m. until closing is
a. How many bagels should the store have at 3 p.m. to maximize the store’s expected
profit (from sales between 3 p.m. and closing)? (Hint: Assume day-old bagels are sold
for $0.99/6 = $0.165 each; that is, don’t worry about the fact that day-old bagels are
sold in bags of six.)
b. Suppose the store manager has 101 bagels at 3 p.m. How many bagels should the store
manager expect to have at the end of the day?
c. Suppose the manager would like to have a .95 in-stock probability on demand that
occurs after 3 p.m. How many bagels should the store have at 3 p.m. to ensure that
level of service?
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