Question: Distribution Type 1: Normal distribution with mean = 75 and std. dev = 25 Distribution Type 2: Uniform Distribution U[50,100] Distribution Type 3: Discrete Distribution

Distribution Type 1: Normal distribution with mean = 75 and std. dev = 25

Distribution Type 2: Uniform Distribution U[50,100]

Distribution Type 3: Discrete Distribution

Q3. OverBooking: Lets say you are the Hotel Manager of Hotel Holiday. You have 300 rooms in the hotel. A famous band is organizing a concert near your hotel. Music fans can book a hotel room at $100/night. The price is non-refundable. You are aware that some music fans may book a hotel room but not show up. Therefore, you decide to overbook the hotel. However, if you must deny a room to a music fan due to overbooking, you will need to provide accommodation in the only luxury resort near you. The price of a room at the luxury resort is $500/night.

3A. What is the underage cost? What does this cost represent?

3B. What is the overage cost? What does this cost represent?

3C. What is the critical ratio? What does critical ratio represent?

3D. If number of no-shows are distributed as distribution type 1, then how many overbookings will you do? What is the number of reservations that you will take?

3E. If number of no-shows are distributed as distribution type 2, then how many overbookings will you do? What is the number of reservations that you will take?

3F. If number of no-shows are distributed as distribution type 3, then how many overbookings will you do? What is the number of reservations that you will take?

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