Question: Question 6 . Solve the following inventory problem using the simulation approach. A supermarket sells a specific mobile brand and earns a revenue of AED

Question 6. Solve the following inventory problem using the simulation approach.
A supermarket sells a specific mobile brand and earns a revenue of AED 490 per mobile. An
unsold mobile incurs a holding cost of AED40 at the end of the month. Holding cost includes a
portion of the rent, insurance, and others. If there is any shortage, the market assigns a goodwill
cost of AED50 a mobile. The store has a stocking policy of 150 mobiles a month. The demand
follows a normal distribution with a mean of 180 and a standard deviation of 60.
Using the given random numbers and other parameters, simulate the operation for 15
months and provide your simulation output below. (Also, upload your Excel file to
Blackboard for the given random numbers, not the one where you used goal seek)
 Question 6. Solve the following inventory problem using the simulation approach.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!