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

question 60

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:

Polling

The process of gathering public opinion or votes from a particular sample, used to predict election outcomes or measure public attitudes on various issues.

Public Opinion

The collective attitudes, beliefs, and views of the population on various issues, often measured through surveys and polls.

Public Policy

The principles and actions adopted or proposed by a government to address societal problems or issues, ranging from health care and education to environmental and economic policies.

Poll Results

The outcomes or findings derived from polling, which provide insight into public opinion or preferences on various topics.