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You are in charge of inventory control of a highly popular product retailed by your firm using a continuous review system. The firm operates 50 weeks per year. The following information is known about the product: average weekly demand (D) -400 units/week, ordering cost (S) - $40/order, holding cost (H) - $2/unit/year, lead time (L) - 2 weeks. Demand is normally distributed, with a standard deviation of weekly demand of 100 units. a. Suppose the firm orders 800 units each time. What are the average annual costs of holding the cycle inventory? What are the average annual costs of placing orders? b. Calculate the economic order quantity (EOQ). What is the average time, in weeks, between orders if lot size of the EOQ is used? c. Find the safety stock and reorder point that provide a 96.5% cycle-service level. Hint: use standard normal distribution table in page 10
Green Valley Mills produces carpet at plants in St. Louis and Richmond. The carpet is then shipped to two outlets, located in Chicago and Atlanta.
Suppose a project team has arrived at the following time estimates for an activity: a = 3 days, m = 6 days, and b = 8 days. What is the variance involved in this activity?
About explain how many runs per year would there be. Explain how much could the organization save annually if the setup cost could be reduced to $25 per run.
Provide an example of a well-worded objective, and a poorly-worded objective. Why is one better than the other? Explain your rationale.
what would be some advantages/disadvantages of going to a tiered service approach at On-Time Technology Products? Would there be a risk of losing some of your smaller clients by using this approach?
What penalty is the company incurring by its present order size? The manager would prefer ordering 10 times each month but would have to justify any change in order size. One possibility is to simplify order processing to reduce the ordering cost...
six sigma and acceptance sampling please respond to the followingusing acceptance sampling propose a situation in which
List and discuss four possible limitations of merit pay programs. Please discuss in detail and provide examples for each of the limitations.
The hospital in which you are employed has been notified by The Joint Commission (TJC) that they are planning to visit for their 3-year site review. Compares and contrasts design methods for database management
In a call center, the waiting time for a customer is normally distributed with an average of 65 seconds and a variance of 25 seconds
During the day, the traffic on North Monroe Street in Quincy is fairly steady, but the traffic conditions can vary considerably from one hour to the next due to slow drivers and traffic accidents
In general, under what conditions might a firm favor a level production plan over a chase plan? A chase production plan over a level plan?
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