Using your textbook, LIRN-based research(attached), and the Internet, provide a complete solution to the Case Problem (Specialty Toys) presented at the end of Chapter 6 in the textbook. Include in-text citations.
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Prepare a managerial report that addresses the following issues and recommends an order quantity for the weather Teddy product. In your report, answer the following five questions:
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Use the sales forecasters prediction to describe a normal probability distribution that can be used to approximate the demand distribution.
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Sketch the distribution and show its mean and standard deviation.
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Compute the probability of a stockout for the order quantities suggested by members of the management team.
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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.
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One of Specialtys 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 stock outs. What quantity would be ordered under this policy, and what is the projected profit under the three sales scenarios?
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Provide your own recommendation for an order quantity and note the associated profit projections. Provide a rationale for your recommendation.
Paper should be 6-7 pages . Please be sure to include in-text citations and peer reviewed references in APA format in your discussion post,
It must contain Abstract and Conclusion, and APA 7th ed. Formatted paper.
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