Julie's Diamond Boutique Is Very Concerned with Its Order Policies

question 20

Essay

Julie's Diamond Boutique is very concerned with its order policies related to one-carat diamond solitaires.Their current policy is to order 10 diamonds whenever their inventory reaches 6 diamonds (unless there is already an ordered delivery due).Currently there are 8 diamonds on hand.Orders are placed at the end of the month and take one month to arrive .The following distribution of monthly sales has been developed using historical sales.If Julie's Diamond Boutique does not have a diamond on hand,it will result in a lost sale.Use the following random numbers to determine the number of lost sales of one-carat solitaires at the store over 12 months.
Random numbers for sales: 10,24,03,32,23,59,95,34,34,51,08,48

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Definitions:

Actor-Observer Effect

A psychological bias where people tend to attribute their own actions to situational factors while attributing others' actions to their personalities or character.

Fundamental Attribution Error

The tendency to overemphasize personality-based explanations for behaviors observed in others while underestimating the influence of external factors.

Social-Cognitive Perspective

A view in psychology that focuses on how people learn through observing others, and how they control their behavior through self-regulation and social interaction.

Aggressive Skills

Behaviors aimed at causing harm or asserting dominance, often used in conflict situations.