As with other products, SuperFun faces the decision of how many Weather Teddy units to order for the coming holiday season. Members of the management team suggested order quantities of 15,000, 18,000, 24,000, or 28,000 units. The wide range of order quantities suggested indicates considerable disagreement concerning the market potential. Having a sound background in statistics and business, you are required to perform statistical analysis and the profit projections which is typically done by the product management group. You want to provide management with an analysis of the stock-out probabilities for various order quantities, an estimate of the profit potential, and to help make an order quantity recommendation. SuperFun expects to sell Weather Teddy for $24 based on a cost of $16 per unit. If inventory remains after the holiday season, SuperFun will sell all surplus inventories for $5 per unit. After reviewing the sales history of similar products, SuperFun’s senior sales forecaster predicted an expected demand of 20,000 units with a 95% probability that demand would be between 10,000 units and 30,000 units.****All I need to do is sketch the distribution of the suggested order quantities in Excel using normal distribution function.**** I know the Mean is 20,000 and the Standard Deviation is 5,102.04082 from my calculations. Attached is additional data, but i know all I need to do is plug in the ‘x’ column and then i can calculate f(x) and then plot my scatter chart with smooth lines which should give me my distribution. I need to be able to see the computation in Excel, so a PDF of the Chart does not help me. Please Help! Cannot figure this out.
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