The newsvendor model was originally motivated by selling newspaper in the old days (today most people read news through digital media) - you only have one day window to sell the current-day newspaper, as no one will buy yesterday's newspaper. Thus, you want to balance the underage cost of running out of newsvendor during the mid-day (which you could have made more profit by selling more) and the overage cost of having leftover newspaper at the end of the day (which you could only recycle or use for packaging). It turns out there are many business scenarios sharing similar characteristics of short selling season with tradeoff of inventory underage and overage costs. Take a moment to reflect and share your thoughts on the topic with your classmates, structuring your response based on the question below. How would you manage short-lifecycle products? For example, during Valentine's day, many floral shops will sell roses at a premium price. In this case, what are the underage and overage costs for the Valentine's day roses? If you are the floral shop manager, would you stock up roses accordingly? Why? Another example is the overbooking practice in airline and hotel industries. To maximize their revenue, airlines (or hotels) tend to sell to more customers than their available seats (or rooms), hoping that some customers will cancel or not show up later. Of course, if there are more customers showing up than the available seats (or rooms), they have to bump some customers. In this case, what are the underage and overage costs for the overbooking practice? What would drive your decision about how many overbookings you would allow? In hospitals, nurse staffing in the emergency room is another example of the newsvendor model. What are the underage and overage costs for the nurse staffing problem? Based on your experience, can you provide more business examples for the newsvendor model? write post limit to 180 words