Question: Please address the following questions regarding the LL. Bean Case. You are allowed to make assumptions, if necessary. How the firm models the demand probability

Please address the following questions regarding the LL. Bean Case.

You are allowed to make assumptions, if necessary.

  • How the firm models the demand probability distribution of various products and what are the major concerns regarding the demand forecast?
  • Discuss the economics of over and under-stocking. What other costs might be involved, given the type of selling strategy (Catalogue and Mail Ordering) that the firm has?

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