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Christian runs a small chocolate shop. He manages his chocolate raw material using a periodic review system. Daily demand has a mean of 100 pounds and standard deviation of 10 pounds. The annual holding cost is $10 per pound. He maintains 98% service level. The lead-time to get more chocolate is 10 days and he reviews his raw material inventory monthly. (Assume that there are 30 days per month.)
a. What is the expected inventory level for Christian chocolate raw material? (7 points)
b. A management consultant has told Christian that, by installing an IT system, the review period could be cut from one month to one week. How much would Christian be willing to pay for this IT system? (Hint: to simplify the problem, you can assume that the price Christian wants to pay is the saving he can achieve from using this IT system for a year.)
Service is the last activity in the "Value Chain." Explain how service adds value to a business' products and customers.
the super discount store open 24 hours a day every day sells 8-packs of paper towels at the rate of approximately 420
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The Ajax Corporation would like to know the average age of its employees. The average age of a sample of 100 employees is 28 years with a standard deviation of 6.5 years.
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Thus, the forecast for the second semester would be 120, for the third semester it would be 126, and for the last semester it would be 110. What would the MSE be for this situation?
identify three techniques for promoting work-life balance for employees working away from home.considering the
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a. a textile manufacturer wants to set up a control chart for irregularities .e.g. oil stains shop soil loose threads
Using your Parnell Strategic Management textbook, please answer the following questions about Texas A&M University-Commerce.
Determine the safety stock and reorder point if the bar wants to maintain a 90% service level. What would be the increase in the safety stock if a 95% service level is desired?
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