What is a normal distribution

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Assignment:

1. What are independent demand items? What two basic ordering systems are used for these items? What are dependent demand items? What system should be used to order these items?

2. What are four characteristics of the order point system?

3. What is a normal distribution? What two characteristics define it? Why is it important in determining safety stock?

4. What is the standard deviation of demand during the lead time? If the standard deviation for the lead-time interval is 100 units, what percentage of the time would the actual demand be equal to {100 units? To {200 units? To {300 units?

5. What is service level?

6. If the lead time increases from 1 to 4 weeks, will the standard deviation of demand during the lead time increase four times? If not, why not?

7. Describe the two-bin system.

8. If a factory does not supply the customer directly, from where does demand on the factory come? Is it independent or dependent demand?

9. Grocery stores are an example of well-controlled inventory and replenishment systems. Describe in your own words examples of safety stock, the two-bin system, and the periodic review system, including target level, review period, replenishment period, and order quantity.

10. Describe the advantages and disadvantages of a decentralized distribution system.

Reference no: EM133626265

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