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The key points in Chapter 12 (Chapter 13) tell us that good inventory management is important for successful organizations. The key issues are when to order and how much to order. Because all items are not of equal importance, it is necessary to establish a classification system for allocating resources for inventory control. EOQ models answer the question of how much to order. Variations of the basic EOQ model include the quantity discount model and the economic run size model. EOQ models tend to be rather robust: even though one or more of the parameters may be only roughly correct, the model can yield a total cost that is close to the actual minimum. ROP models are used to answer the question of when to order.
what are the primary purposes of holding inventory?What are the requirements for effective inventory management?What are the major assumptions of the EOQ model?
Unlimited amounts of alloys and scrap steel can be purchased. Scrap steel cost $100 per ton and contains 3% carbon and 9% molybdenum. The cost per ton and chemical make up of the alloys is:
If the police variable for unforeseen contingencies is set at 5 percent, explain how many containers should Jitson authorize for the gear replenishment system.
Brand Loyalty is a construct. If a researcher wants to measure ow mch brand loyalty a person has for a product or brand, why might he/she want to measure it using a more concrete operational definition
Ten samples of a process measuring number of returns per 100 receipts were taken for a local retail store. Find out his standard deviation of sampling distribution.
Illustrate what is purpose of assigned step. Illustrate what are main points of step. Define any new vocabulary introduced in this step.
the annual inventory holding cost rate is $4 per unit, and the cost to place an order is estimated to be $60. Calculate the following:
Discuss fully, the best strategic plan one of your employer's has (had) and the worst strategic plan one of your employer's has had
Define human resource development (HRD). Define training and development and express its general purpose. Illustrate what are important aspects of training manager's job.
A bottling plant fills 2,400 bottles every two hours. The lead time is 40 minutes and a container accommodates 120 bottles
When she approached her employer about the possibility of transferring to the marketing department, she was told it would be four or five years before there would be an opening for her
What is the impact to quality What is the impact to the schedule Prepare a two page executive summary of your finding, not to exceed 500 words, addressing the key points of your research.
K=35,000lb/in^2 and n=0.40 for a metal used in a forming operation in which the workpart is reduced in cross-sectional area by stretching.
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