The Chocochip Cookie Store bakes its cookies everymorning before opening. It costs the store 15¢ to bake eachcookie, and each cookie is sold for 35¢. At the end of the day, leftover cookies may be sold to a thrift bakery for 5¢per cookie. The number of cookies sold each day is describedby the discrete random variable in Table 22. a How many dozen cookies should be baked beforethe store opens?b If the daily demand (in dozens) for cookies is N(50, 400), how many dozen cookies should be baked? A de-scription of the N(m, s2 ) notation can be found in Sec-tion 1.7. c If the daily demand (in dozens) for cookies has adensity functionf(d) e5d0/50(d 0)how many dozen cookies should be baked? Demand(dozens) Probability20 .3030 .2040 .2050 .1560 .15

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Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.