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Mathematics

Managerial Report Prepare a managerial report that addresses the following issues and recommends an order quantity for the Weather Teddy product.

  1. Use the sales forecaster’s prediction to describe a normal probability distribution that can be used to approximate the demand distribution. Sketch the distribution and show its mean and standard deviation.
  2. Compute the probability of a stockout for the order quantities suggested by members of the management team.
  3. Compute the projected profit for the order quantities suggested by the management team under three scenarios: worst case in which sales = 10,000 units, most likely case in which sales = 20,000 units, and best case in which sales = 30,000 units.
  4. One of Specialty’s managers felt that the profit potential was so great that the order quantity should have a 70% chance of meeting demand and only a 30% chance of any stockouts. What quantity would be ordered under this policy, and what is the projected profit under the three sales scenarios?
  5. Provide your own recommendation for an order quantity and note the associated profit projections. Provide a rationale for your recommendation.

In addition, provide a summary of the concepts presented in the chapter readings and discussion questions. Please ensure that you provide some real examples of these concepts being applied in the business-world today. Please use your textbook, LIRN-based research, and the Internet in completing this assignment.

Finally, examine any ethical issues that may arise when performing statistics.

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