“Java Hot” is a small coffee shop in Gainesville. The shop is owned by Jane, who enjoys
serving coffee and baked goods to her clients. Because the environment of the shop is
very welcoming and Jane is responsive to her customers, the business has grown fast.
However, Jane is concerned about the financial viability of the store for the following
reason. The major products that she sells in her shop are coffee and bagels. Every
morning Jane buys bagels from a local bakery for $0.25 each and sells them for $1.00
each. Since she cannot return unsold bagels or sell them the next day, she wants to know
how many bagels to order every day so that she will not face situations such as having too
many leftovers or not having enough bagels. As she has already identified her problem,
she is trying to figure out what to do.
Jane’s problem can be formulated as the News Vendor’s Problem. We want to build a
decision support system for Jane to help her in making the right decision. Below we
propose an optimization approach and a simulation model.
Hi, i am interested in this task. I have tried to calculate the optimum Bagel purchase using normal distribution, and tried it in simulation several times. Feel free to contact me. Best regards, Imam
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