Question

A retailer sells a perishable commodity and each day he places an order for q units. Each unit that is sold gives a profit of 60 cents and units not sold at the end of the day are discarded at a loss of 40 cents per unit. The demand, d, on any given day is uniformly distributed over [80,140]. How many units should the retailer order to maximize expected profit?

Answer 1

Both wide and varied, and often include ensuring that the right staff-members are hired and properly trained, making plans for the business' success, and monitoring daily operations. When organizational changes are necessary, a person in this position usually leads the way as well. In some cases, the person who starts or owns the business serves as its administrator, but this is not always the case, as sometimes a company hires an individual for the job.