Slove this problem to create one excel file with cells that contain the formulas used to derive the answers. The produce manager at the local Pig & Whistle grocery store must determine how many pounds of bananas to order weekly. Based upon past experience, the demand for bananas is expected to be 100, 150, 200 or 250 pounds with the following probabilities: 100 lbs 0.20; 150 lbs 0.25, 200 lbs 0.35, 250 lbs 0.20. The bananas cost the store $.45 per pound and are sold for $0.85 per pound. Any unsold bananas at the end of each week are sold to a local zoo for $.30 per pound. Use your knowledge of Decision Analysis to model and solve this problem in order to recommend how many pounds of bananas the manager should order each week.
Slove this problem to create one excel file with cells that contain the formulas used to derive the answers. The produce manager at the local Pig & Whistle grocery store must determine how many pounds of bananas to order weekly. Based upon past experience, the demand for bananas is expected to be 100, 150, 200 or 250 pounds with the following probabilities: 100 lbs 0.20; 150 lbs 0.25, 200 lbs 0.35, 250 lbs 0.20. The bananas cost the store $.45 per pound and are sold for $0.85 per pound. Any unsold bananas at the end of each week are sold to a local zoo for $.30 per pound. Use your knowledge of Decision Analysis to model and solve this problem in order to recommend how many pounds of bananas the manager should order each week.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
Related questions
Question
Slove this problem to create one excel file with cells that contain the formulas used to derive the answers.
The produce manager at the local Pig & Whistle grocery store must determine how many pounds of bananas to order weekly.
Based upon past experience, the demand for bananas is expected to be 100, 150, 200 or 250 pounds with the following probabilities: 100 lbs 0.20; 150 lbs 0.25, 200 lbs 0.35, 250 lbs 0.20.
The bananas cost the store $.45 per pound and are sold for $0.85 per pound. Any unsold bananas at the end of each week are sold to a local zoo for $.30 per pound.
Use your knowledge of Decision Analysis to model and solve this problem in order to recommend how many pounds of bananas the manager should order each week.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, operations-management and related others by exploring similar questions and additional content below.Recommended textbooks for you
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.