Osteria De Medici

Osteria De Medici is a high-end restaurant located in the downtown core of a large Canadian city. The establishment has loyal customers with very little walk-in traffic, so the management of reservations becomes key. On peak days such as New Year's Eve, Mother's Day and Valentine's Day, the restaurant would have vacant tables even though they were fully booked with advance reservations. Restaurant's management must determine if overbooking is an option, review the implications in overbooking and develop a model to determine a reservation schedule. An introduction to binomial distribution is provided.