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A convenience store is trying to determine how many copies of VOGUE magazine should they order each week. They believe their demand for the magazine
A convenience store is trying to determine how many copies of VOGUE magazine should they order each week. They believe their demand for the magazine is given by the distribution table below.
The convenience store pays c50 for each copy and sells it for c75. Each unsold copy can be returned for c5.
1.) Construct a decision table for this problem using excel
2.) What are your recommendations?
Demand | Probability |
15 | 0.10 |
20 | 0.20 |
25 | 0.30 |
30 | 0.25 |
35 | 0.15 |
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