Solution-Solve the inventory example using inventory

Solve the inventory example using inventory policies

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Reference no: EM132454421

Problem 1. Solve the inventory example using the following inventory policies and find the total expected cost of inventory holding.

a. Set I0=1. If the left-over inventory It = 0, then buy 1; else do not buy

b. Set I0=2. If the left-over inventory It = 0, then buy 2; else do not buy

c. Set I0=3. If the left-over inventory It = 0, then buy 3; else do not buy (DONE IN CLASS)

d. Set I0=4. If the left-over inventory It = 0, then buy 4; else do not buy

Problem 2. Determine the best policy out of the policies listed in Question 1. (Hint: Optimize Expected Total Sales Revenue - Expected Total Inventory Holding Cost)

Reference no: EM132454421

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Solve the inventory example using inventory policies

Reference no: EM132454421

Reference no: EM132454421

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