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9. Kelly's Service Station does a large business in tune-ups. Demand has been averaging 220 spark plugs per week. Holding costs are $.015 per plug per week and reorder costs are estimated at $12 per order. ?Kelly does not want to be out of stock on more than 2% of his orders. There is a two-day delivery time. The standard deviation of demand is five plugs per day. Assume a normal distribution of demand during lead time and a 7-day work week. a. What inventory policy do you suggest for Kelly's station? b. What is the average amount of safety stock for the reorder point in (a)? c. What are the total variable weekly costs including safety stock costs? 10. The Academic Company mixes and bottles a high-energy beverage in various container types and sizes for college students. The aggregate forecast for the next four quarters in thousands of gallons is as follows: Quarter Forecast Demand (per 1000 gallons) 1 400 2 700 3 850 4 650 Management makes the following assumptions:
• Managers have also decided to always round up the number of employees needed to the next?whole integer (ie 37.2 yields 38 employees). a. Determine how many employees would be needed to meet the peak required in Quarter 3. b. Determine the annual inventory holding cost if Academic decides to use a level production rate?of 650 units per quarter. c. Using a level schedule of 650 units per quarter, what will be the annual employee costs? d. Using a level schedule of 650 units per quarter, what will be the annual employee costs if only? 30 employees are available and overtime is used? e. If management decides on a chase demand strategy, with production last quarter of 600 units?and a rate change cost of $2.80 per 1000 gallons, determine the total rate change cost. 11. Henderson Furniture sells reproductions of 18th century furniture. For a particular table, the following information is valid. Month? Demand Jan 80 Feb 90 Mar 100 Apr 120 May 95 Jun 125 Jul 98 Aug 94 Sep 75 Oct 125 Nov 78 Dec 70 Holding Cost=$200 per table per year Backorder Cost = $50 per table per year Hiring Cost=$10 per unit? Firing Cost=$12 per unit a. Calculate the costs associated with level production and chase production strategies. b. Which strategy do you recommend?
Calculate the variance-covariance matrix of the OLS estimator of β1.β2 and β3 and verify that:
How many cases of relays and capacitors should Harkin Electronics produce during that period? If your answer is in fractional units of cases that is acceptable - do not round to whole number of cases.
a. Use the multiplication rule to find the probability that your first two digits match those drawn and your last two digits do not match those drawn. That is, find P(MMXX), where M denotes a match and X denotes a digit that does not match the ..
Find the mean, median, mode, variance and standard deviation for the following nine data values and find the four quartiles and the 20 th and 80 th percentiles for the above data.
In a survey of 900 college students , 405 out of 900 students has credit card or 45% of the student owned a credit card.
natural gas spot and future pricesthe law of one price implies that the spot price and the future price of a commodity
analyze the processed data in statistical survey. below are the results of the processed data.question 1 yes p 0.1986
How do small companies compare to the major competitor and Has satisfaction with the manufacturer changed since the change in company ownership?
Develop a second decision tree for Sonny and his team to reflect this new option of hiring the research firm prior to the possibility of developing the app
1. What techniques are used to solve decision making problems under uncertainty? Which technique results is an optimistic decision? Which techniques results in pessimistic decision? Give examples of each.
What is the median processing time at the station?
1. if the mean number of hours of television watched by teenagers per week is 12 with a standard deviation of 2 hours
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