Question

A non-profit foundation is hosting a fundraising dinner. A few days ahead of the event you need to notify the caterer the quantity of meals you want served. The cost to cater each meal is $25. Each guest donates $100 to the non-profit foundation to attend the dinner event. Any leftover meals not eaten have no residual value. If a donor arrives at the event wanting to donate and no meals are left (i.e., you under ordered), the disappointed, hungry donor will i) not donate $100 at this event, and ii) be less likely to donate in the future, costing the foundation $75 (goodwill cost).a) (4 pts) What is the underage cost? What is the overage cost? What is the target service level? Cu = 150 Co = 25 Target Service Level = .8571 or 85.71%b) (4 pts) This is the first year of your event, so the only historical data you have is from the caterer who says that from her past experience with other foundations, the number of donors who will attend is well-approximated by a normal distribution with a mean of 100 and a standard deviation of 9.How many meals should you order? What is your effective service level? (NOTE: It might help you to know that for a standard normal distribution: z.8824=1.19, z.8571=1.07, z.90=1.28, z.95=1.64) Order 110 meals Effective Service Level = 85.71%For the remainder of the questions: It is now 10 years later (assume all revenue and costs are the same as in the original question), and you believe the historical data from your past fundraisers will more accurately predict the amount of meals you should order. The following table contains historical donor attendance for your various past fundraisers:Number of Donors. 104 105 106 107% of fundraisers 63% 20% 10% 7%c) Using the historical data, now how many meals should you order? Justify. Q* = 106 mealsd) What is your effective service level? Service Level = 93%e) The president of your foundation comes to you and says that he wants you to ensure that you won’t run out of meals at least 95% for all future fundraisers. How many dinners do you need to buy in order to meet that service level? 107 Meals

Answer 1

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