Assignment Task
Coursework Part A: How Many Souvenir Books to Produce
The first part of the coursework concerns a decision about a production batch size for a major event next summer. “Taking place over the weekend of Saturday 14th and Sunday 15th August 2021 at INTU BRAEHEAD, Film & Comic Con Glasgow promises a fun weekend where you can meet celebrity guests, browse the many trader stalls, get hard to find items and enjoy some cosplay, a must for all fans of pop culture.” The “Movie Merchandise Company” plans to produce a batch of souvenir books to sell during the weekend of Comic Con. The book has been designed and priced, but it has not yet been decided how many to produce. The company want to choose the batch size that will maximise their profits. In order to help them make the right decision they have asked you to perform a Monte Carlo simulation analysis of the expected profits. They have provided you with the following information: It is known that there will be fixed production costs of £10,000. There will also be variable production costs. For each book the company produce there will be an additional cost of £5. The revenue from each book sold will be £12. After doing some extensive market research it predicts that customer demand for the book will be normally distributed with a mean value of VARIABLE 1 and a standard deviation of VARIABLE 2. Remember, the company cannot sell more books than it has produced – whatever the demand. It is also assumed that there is no cost for disposing of any surplus books that are not sold. Due to a number of manufacturing constraints the options for the production batch size are either VARIABLE 3 or VARIABLE 4. That is the decision the company has to make and about which you have to advise them.
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