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{{ block title }}Instructions Page 1{{ endblock }}

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<p>
        In this experiment, you have the role of an inventory manager. You must decide how many units of a product you want to order and stock to sell to your customers.
    </p>
    <p>
        You are making these decisions over multiple rounds. In every round, you are deciding on an order quantity. There will be 24 total rounds, split across 2 games. After the first 12 rounds (the first game), the data will reset, and you will continue through another set of 12 rounds (the second game).
    </p>
    <p>
        You are making your decision under uncertainty. This means at the time of the order decision you do not know the exact demand of the period. However, you do know the probability distribution of the demand. The demand for your product will be shown by a distribution curve, shown on the decision-making page. Demand is independent between rounds.
    </p>
    <p>
        You have no starting inventory in your warehouse at the beginning of the game. You will order units which then will be delivered before demand is realized. Any leftover inventory after demand is realized will be carried over to the next round, which becomes starting inventory for the next period. The starting inventory and order quantity sum up to the available inventory.
    </p>
    <p>
        {# &nbsp;&nbsp;&nbsp;&nbsp; #}
        <code class="font-italic">Available inventory= starting inventory + order quantity</code>
    </p>
    <p>
        Holding costs occur for leftover inventory which is carried over between rounds. For example:
</p>
<li>
                    Available inventory: 90 units
                </li>
                <li>
                    Demand: 80 units
                </li>
                <li>
                    Leftover inventory: 90-80=10 units
                </li>

    <p>
        Holding costs are charged for the resulting leftover 10 units that are stocked in inventory.
    </p>
    <p>
        If you purchased too few units in a period to fulfill this period’s demand, the unfulfilled demand is
        lost. You cannot reorder within a period or shift demand to later periods. For example:
    </p>
<li>
                    Available inventory: 30 units
                </li>
                <li>
                    Demand: 80 units
                </li>
                <li>
                    Units sold: 30 units
                </li>
    <p>
        You are trying to maximize your profits in this experiment. Profit per round is calculated as follows:
    </p>
    <p>
        <code class="font-italic">Profit per round = selling price x units sold - purchasing price x order quantity - holding costs x leftover inventory</code>
    </p>
    <p>
        Therefore, profit = revenue - purchasing costs - holding costs.
    </p>
    <p>
        In this experiment, your costs will be displayed on the decision page.
    </p>
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