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Part (A): A local tire distributor for expects to sell 9,600 steel-belted tires of a certain size and tread design next year. Assume that EOQ model assumptions are valid. Each tire costs $50, ordering cost is $80 per order and carrying cost is 15 dollars per unit per year. Assume that the distributor operates 300 days a year. (i) What is the annual inventory cost if you order 600 units at a time? (ii) Draw the graph of annual cost for holding, ordering and holding+ ordering (for lot size between 80 and 640 in the increment of 80). (iii) Determine the “optimal” lot size if your order lot size must be a multiple of 60. For this answer, what is your order policy, that is, (when to order, how much to order); if a delivery lead-time is 20 days? When you are placing an order, how much on hand inventory would you have?
Part (B): For a product satisfying EOQ model, the planning department estimates values of D, S, and H to be 2400 units per year, $150 and $2 per unit per year respectively. (i) Calculate the lot size on the basis of estimated values. What will be annual inventory cost based on your estimates of D, S and H? (ii) Suppose the true values of D, S and H are 3000 units per year, $125 and $3 per unit per year. Calculate the lot size on the basis of true values. What will be annual inventory cost? (iii) Suppose you did not know the true values and decided to use the lot size (order quantity) found in part (i). Calculate the annual cost using this lot size but now use true cost parameters.
The writer of the following letter is too angry to compose a logical and rational claim. Her message is more suited to venting than to achieving the goal of receiving a refund. Inasmuch as my company is a new customer and inasmuch as we had hoped to ..
Pick any two of the marketing metrics presented in the chapter. For each, pick any brand or product and discuss how each of those brands or products would benefit from the application of each of the marketing metrics you selected. That is, what will ..
In each of the three scenarios presented in the case, opponents and proponents have divergent views of government regulations.
Breaking down the door, the smoke that the firefighters encountered almost overwhelmed them. The smoke breaking down the door that the firefighters encountered almost overwhelmed them.
Sonny's brother Marcus has suggested that they locate the warehouse at a central location. Calculate the coordinates of the best location, considering the volumes of demand at each supermarket.
Using what you have researched and studied throughout Modules 1 - 7, write a report addressing a quantitative analysis (QA) project. Here, you are asked to select a business of interest and develop QA best practices that can be developed and imple..
The Bill of Rights of the U.S. Constitution protects an individual's right of free speech against infringement by:
Production control must answer the question of.. “What to order and how much.” Discuss the cost implications of one firm holding too much inventory another firm holding too little inventory and a third firm holding/acquiring the wrong inventory
After plotting demand for four periods, an emergency room manager has concluded that a trend-adjusted exponential smoothing model is appropriate to predict future demand. The initial estimate of trend is based on the net change of 30 for the 3 perio..
What factors have to be at work to allow something like the Bernie Madoff "Ponzi Scheme" to be as successful as it was for as long as it was? What is the role of the Security Exchange Commission in the Madoff Scandal.
Creating an Update Query Create a query that updates students’ credits to account for the books they ’ve ordered and received. Click the Run button to test the query. When prompted to change the records, answer “Yes”. Save the query as Credit Update..
Discuss the evolution of TQM from product quality to total quality management. Your response should be at least 100 words in length.
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