Q1. Consider the inventory management problem for a seasonal item (calendars) discussed in Chapter 11 (p. 482). The calendars cost $4.95ea, sell for $12.95ea, and unsold inventory is returned for $1.95ea. Assume the estimate for the calendar demand has a minimum value of 500, most likely value of 600, and maximum value of 750. Consider three different quantities to be ordered: 600, 650, and 700. Assume a goodwill loss of $1 per item on the unmet demand is added to the cost. a) Build a deterministic spreadsheet model to compute profit from the sale of calendars. b) Represent the demand by a triangular distribution. Obtain and plot the profit distribution for the three order quantities considered. Q2. Consider the inventory management problem presented in Q1. a) Obtain a Pearson-Tukey three-point approximation to the triangular distribution of demand. Build a decision tree model with discrete probabilities for the three demand points. b) Obtain expected monetary values of the profit in the case of the three order quantities considered. Plot the profit distribution and compare with results in part (a). Q3. Consider the inventory management problem presented in Q1. Assume the nominal calendar demand is 600, but could vary between 500 and 750. The calendar cost is $4.95ea, but could vary between $4.50 and $6. The sale price is $12.95ea, but could go up or down by 15%. The goodwill cost is $1, but could vary between $0.50 and $1.50. a) Draw a tornado diagram to show the sensitivity of various factors contributing to the profit on the overall profit from the sale of calendars. Q1. Consider the inventory management problem for a seasonal item (calendars) discussed in Chapter 11 (p. 482). The calendars cost $4.95ea, sell for $12.95ea, and unsold inventory is returned for $1.95ea. Assume the estimate for the calendar demand has a minimum value of 500, most likely value of 600, and maximum value of 750. Consider three different quantities to be ordered: 600, 650, and 700. Assume a goodwill loss of $1 per item on the unmet demand is added to the cost. a) Build a deterministic spreadsheet model to compute profit from the sale of calendars. b) Represent the demand by a triangular distribution. Obtain and plot the profit distribution for the three order quantities considered. Q2. Consider the inventory management problem presented in Q1. a) Obtain a Pearson-Tukey three-point approximation to the triangular distribution of demand. Build a decision tree model with discrete probabilities for the three demand points. b) Obtain expected monetary values of the profit in the case of the three order quantities considered. Plot the profit distribution and compare with results in part (a). Q3. Consider the inventory management problem presented in Q1. Assume the nominal calendar demand is 600, but could vary between 500 and 750. The calendar cost is $4.95ea, but could vary between $4.50 and $6. The sale price is $12.95ea, but could go up or down by 15%. The goodwill cost is $1, but could vary between $0.50 and $1.50. a) Draw a tornado diagram to show the sensitivity of various factors contributing to the profit on the overall profit from the sale of calendars