Homework Answers
Daily Demand d = 5
SD of Demand = 2
Review Period P = 30
Lead Time LT = 5 days
Service Level = 95%
Z = 1.64
a)
On Hand Inventory I = 25
Optimal Order Quantity Q = d*(P+LT) + Z*Sd of Demand*(P+LT)^(1/2) - I
Q = 5*(30+5) + 1.64*2*(30+5)^(1/2) - 25
Q = 169.40 units
Q = 169 units
b)
Order quantity will be max when on hand inventory will be 0.
Q = 5*(30+5) + 1.64*2*(30+5)^(1/2) - 0
Q = 194.40
Q = 194 units
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