A bakery must decide how many pies to prepare for the upcoming weekend. The bake

Question

A bakery must decide how many pies to prepare for the upcoming weekend. The bakery has the option to make 50, 100, or 150 pies. Assume that demand for the pies can be 50, 100, or 150. Each pie costs $5 to make and sells for $7. Unsold pies are donated to a nearby charity center. Assume that there is no opportunity cost for lost sales.

What is the best decision tool to use?
a. Qualitative Forecasting
b. Time Series Forecasting
c. Casual forecasting
d. Decision Analysis
e. Linear Programming
f. Monte Carlo Simulation
g. Queuing Analysis

Explanation / Answer

Bakery must decide how many pies to prepare for the upcoming weekend. The bakery has the option to make 50, 100, or 150 pies. Assume that demand for the pies can be 50, 100, or 150. Each pie costs $5 to make and sells for $7. Unsold pies are donated to a nearby charity center. Assume that there is no opportunity cost for lost sales.

What is the best decision tool to use?

Answer :Time Series Forecasting

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