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Executive Managament Essay

1184 words - 5 pages

Macy’s is one of the nation’s premier retailers but a problem has occurred with their inventory of winter apparel. The winter is near and the store knows that an influx of customers will be coming in to purchase winter apparel for their families for the winter season. The manager looked over the inventory and realized that there is a shortage in winter coats again. Macys has a recurring issue in regard to the shortage in inventory because of the department assuming how many coats they would need for the department. For the past few years this approach has worked completely fine, however, this year the department was not so fortunate. The department had sold their last winter coat and ...view middle of the document...

Raw Data
The raw data used to generate the frequency and normal distribution is the University of Phoenix Material: Winter Historical Inventory Data. This data provides the actual total of winter coats sold by Macy’s Inc. during the course of four years. This data not only will generate the frequency and normal distribution of the company’s inventory, it will also calculate the mode, median, mean and the standard deviation.

Typical Seasonal Demand for Winter Highs

Actual Demands (in units)

Month Year 1 Year 2 Year 3 Year 4
1 55,200 39,800 32,180 62,300
2 57,350 64,100 38,600 66,500
3 15,400 47,600 25,020 31,400
4 27,700 43,050 51,300 36,500
5 21,400 39,300 31,790 16,800
6 17,100 10,300 31,100 18,900
7 18,000 45,100 59,800 35,500
8 19,800 46,530 30,740 51,250
9 15,700 22,100 47,800 34,400
10 53,600 41,350 73,890 68,000
11 83,200 46,000 60,200 68,100
12 72,900 41,800 55,200 61,100

Frequency Distribution

Frequency Distribution- Quantitive
Year 1 cumulative
lower upper midpoint width frequency percent frequency percent
10,000 < 20,000 15,000 10,000 8 16.7 8 16.7
20,000 < 30,000 25,000 10,000 4 8.3 12 25.0
30,000 < 40,000 35,000 10,000 11 22.9 23 47.9
40,000 < 50,000 45,000 10,000 8 16.7 31 64.6
50,000 < 60,000 55,000 10,000 7 14.6 38 79.2
60,000 < 70,000 65,000 10,000 7 14.6 45 93.8
70,000 < 80,000 75,000 10,000 2 4.2 47 97.9
80,000 < 90,000 85,000 10,000 1 2.1 48 100.0

48 100.0

• How the frequency distribution might be used to better understand and improve the inventory system.
• The frequency distribution can be understood as analyzing data based on the amount of inventory that is available. The frequency distribution informs Macy’s that the company inventory is less than 20,000 at 16.7% of the time. The distribution can assist with the inventory system by informing Macy’s if they are carrying more inventory than needed, not producing unnecessary invoices and making sure there are enough products so company will not lose customers.

Normal Distribution

• How the normal distribution might be used to better understand and improve the inventory system.

Mode, Median and Mean Data

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