Suggestion would you make to implement lead manufacturing

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Reference no: EM132186502

A production manager would like to determine an ordering policy for the purchase of a raw material. The manager requires 1000 units per month. Placing an order for the component costs $80, and a holding a unit costs of $100 per unit per year. There are 12 working months per year, and 250 working days a year. a) Propose an ordering policy and determine the total cost of this policy. b) Suppose the production manager would like to implement lean manufacturing, which involves ordering smaller quantities. If he would like to order once a day, how would this have an impact on total costs? c) What suggestion would you make to implement lead manufacturing? Kindly show all workings and explanation for better understanding.

Reference no: EM132186502

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