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Question 1

Mean considered is equal to the buying committee member’s forecasts and standard deviation is twice that of buying
committee’s forecasts.

 Minimum order quantity for Hong Kong is 600/units. Since the problem is a smaller version of the capacity and
demand as mentioned the total capacity is 200,000/month and the exhibit contains forecast for 20,000 units.
Assumption made is Hong Kong’s minimum order capacity is 60/unit.
 Order is being placed in November. Therefore number of months till the Las Vegas show (to be held in March) is
equal to 4. Thus, minimum order quantity/item for this period should be 240.
 Assumption: All production is done in Hong Kong. Order Quantity for each style = Average – 2* Std Dev.

Style Price Laura Carolyn Greg Wendy Tom Wally Avg Std. 2*(Std. Avg. - Order
Dev. Dev.) 2*Dev. Qty
Daphne 148 1700 3500 2600 2600 2300 1600 2,383 697 1394 990 990
Isis 99 800 700 1000 1600 950 1200 1,042 323 646 395 395
Anita 93 4400 3300 3500 1500 4200 2875 3,296 1047 2094 1,202 1202
Teri 123 800 900 1000 1100 950 1850 1,100 381 762 338 338
Stephanie 133 600 900 1000 1100 950 2125 1,113 524 1048 65 240
Assualt 90 2500 1900 2700 2450 2800 2800 2,525 340 680 1,845 1845
Seduced 73 4600 4300 3900 4000 4300 3000 4,017 556 1113 2,904 2904
Entice 80 1200 1600 1500 1550 950 1350 1,358 248 496 863 863
Electra 173 2500 1900 1900 2800 1800 2000 2,150 404 807 1,343 1343
Gail 110 900 1000 900 1300 800 1200 1,017 194 388 629 629
Totals 20000 20000 20000 20000 20000 20000 20000
10,747

Calculation for order quantity based on standard deviation, since each style has to be considered individually. The final
order quantity comes down to 10,747 units.

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