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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 (so z = 2). 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 chocolate raw material safety stock Christian needs to hold? What is the expected inventory level for the chocolate raw material?
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.)
Illustrate what would be the effect on system waiting time of having a second ticket taker doing nothing but validations also card punching, thereby cutting the average service time to 20 seconds.
What is the Role of Inventory Management in the automotive industry. Discuss with examples pertaining to Operations Management
Twelve containers are authorized for the part. Recall which p-bar is the average processing time per container not per individual part. Find out the value of the policy variable, α, which expresses the amount of implied safety stock in the system.
Nancy also revealed a problem with her right wrist. Elucidate what is causing or contributing to the delays in release of information requests.
Why is it important for managers to reduce the resistance to change openly displayed or covertly practiced by employees?
The material is obtained from a nearby supplier also has a 12-hour cycle time. An efficiency factor of 0.15 has been assigned to this cell. Illustrate what is the optimum number of containers to support this operation.
If Davis follows his supervisor's advice, what will happen to Davis's utilization? What will happen to the average time that a package spends in the container?
You have been asked by the Chief Financial Officer (CFO) to join a cross function project team to work on a new product concept. The first task is to explain to the team
global approach; local approach. local approach; global approach. functional approach; network approach. centralized approach; decentralized approach
Illustrate what qualities does the restaurant chain require from its leaders. Does the restaurant chain require leadership. Illustrate what qualities does the restaurant chain require from its leaders.
based on this information and the multiplicative seasonal model, illustrate what will the demand level be for mark's sailboats in the spring of 2011
Propose this portfolio selection problem by using linear programming. Solve using LP software such as Excel QM or QM for windows. Write out answer step by step if you can't use QM.
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