Homework Answers
Periodic review system also called fixed interval reorder system has four original economic order quantity assumptions: -
- There are no restrictions on lot size.
- ordering cost and carrying cost
- demand should be independent
- The lead time is constant.
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Fixed-Interval Model Use the following information to work the problems in this section Daily demand: 57...
Problem 6- Fixed Order Interval (FOI) Demand for walnut fudge ice cream at the Sweet Cream...
Problem 6- Fixed Order Interval (FOI) Demand for walnut fudge ice cream at the Sweet Cream Dairy can be approximated by a normal distribution with a mean of 21 gallons per week and a standard deviation of 3.2 gallons per week. The new manager desires a service level of 90 percent. Lead time is two days, and the dairy is open seven days a week. (Hint: Work in terms of weeks.) Use Table B and Table B1. a-1. If an...
t thined by the following computation: land uuling protection + interval - Ant reordete1-16 Amount on...
t thined by the following computation: land uuling protection + interval - Ant reordete1-16 Amount on hand stock do+ LT) where OI Order interval (length of time between orders) A Amount on hand at reorder time As in previous models, we assume that demand during the protection interval is normally distributed Computing the Order Quantity for the Fixed-Interval Model Given the following information, determine the amount to order. Desired service level = 99 percent Amount on hand at reorder time...
1. What are the six assumptions of the EOQ model? 2. Average daily demand for a...
1. What are the six assumptions of the EOQ model? 2. Average daily demand for a product is normally distributed with a mean of 25 units and a standard deviation of 4 units. Lead time is fixed at 20 days. What reorder point provides for a service level of 95 percent (z=1.65)?
The demand for a product is normally distributed with an average daily demand of 90 units...
The demand for a product is normally distributed with an average daily demand of 90 units and a standard deviation of 20. The lead time for the component is 4 days. A service level of 97.5% is desired. What is the optimal re-order point? ANSWER IS 438 UNITS. Please show steps as I do not know how they got here.
Question 29 3 pts Annual demand for an item is 13,000 units with the cost per...
Question 29 3 pts Annual demand for an item is 13,000 units with the cost per unit at $243. The holding rate is 10% and the order cost is $12.00 per order. The standard deviation of daily demand is 3 units. Assume 260 days in the year and a lead-time of 2 days. If a service level of 97% is desired during the reorder interval, what is the safety stock required? (Note: Due to rounding and your exact choice of...
Presentation subject FIT Lesson 9 - Fixed Time Period Order Model • A company has 200...
Presentation subject FIT Lesson 9 - Fixed Time Period Order Model • A company has 200 units of a product on-hand that it orders every two weeks when the salesperson visits the premises. Demand for the product averages 20 units per day with a standard deviation of 3 units. Lead time for the product to arrive is seven days. Management has a goal of a 90% percent probability of not stocking out for this product. (Round your answer up to...
A company manages its inventory for a specific item using the periodic review inventory model with...
A company manages its inventory for a specific item using the periodic review inventory model with 10 days between orders. It is currently time to place an order, and the company notes that there are 140 items on hand. The item to be replenished has a lead time of 6 days with a daily demand of 440 units. The standard deviation of demand during the uncertainty period has been calculated to be 65. If the company wants to have at...
Suppose the daily demand of a product follows a normal distribution with the mean of 50...
Suppose the daily demand of a product follows a normal distribution with the mean of 50 units and the standard deviation of 10 units. Lead time is 9 days. The ordering cost is $400 per order, and the inventory holding cost is $20 per unit per year. A cycle service level (probability of no stockout) of 95% is required. Using the fixed order quantity model, what is the reorder point? 500 450 O 720 630 MRP is a technique designed...
A pharmacy has estimated that the average daily demand for a particular medication is 30 packages,...
A pharmacy has estimated that the average daily demand for a particular medication is 30 packages, $12. The pharmaceutical company from which the pharmacy purchases the medication has a lead time of 4 days, and the cost of placing an order is S9. The carrying cost to hold one package of medication per quarter is 2% of the wholesale cost of the package. The pharmacy is open 300 days per year (it is closed on Sundays and some holidays). If...
Question 21 2.86 p Use the following to answer questions 20-21: Given the following inventory system:...
Question 21 2.86 p Use the following to answer questions 20-21: Given the following inventory system: average daily demand is 75 units with a standard deviation of units, review period is 10 days, lead time is 2 days and the required service probability is 97.5% (z=1.96). Which of the following is the order quantity (currently, inventory on hand is 50 units)? 1 o 172 866 869 904 954 1 Management Le Marketing 14th...zip TB (100) (3).zip Practice Questi...pdf
t thined by the following computation: land uuling protection + interval - Ant reordete1-16 Amount on hand stock do+ LT) where OI Order interval (length of time between orders) A Amount on hand at reorder time As in previous models, we assume that demand during the protection interval is normally distributed Computing the Order Quantity for the Fixed-Interval Model Given the following information, determine the amount to order. Desired service level = 99 percent Amount on hand at reorder time...
Question 29 3 pts Annual demand for an item is 13,000 units with the cost per unit at $243. The holding rate is 10% and the order cost is $12.00 per order. The standard deviation of daily demand is 3 units. Assume 260 days in the year and a lead-time of 2 days. If a service level of 97% is desired during the reorder interval, what is the safety stock required? (Note: Due to rounding and your exact choice of...
Presentation subject FIT Lesson 9 - Fixed Time Period Order Model • A company has 200 units of a product on-hand that it orders every two weeks when the salesperson visits the premises. Demand for the product averages 20 units per day with a standard deviation of 3 units. Lead time for the product to arrive is seven days. Management has a goal of a 90% percent probability of not stocking out for this product. (Round your answer up to...
A company manages its inventory for a specific item using the periodic review inventory model with 10 days between orders. It is currently time to place an order, and the company notes that there are 140 items on hand. The item to be replenished has a lead time of 6 days with a daily demand of 440 units. The standard deviation of demand during the uncertainty period has been calculated to be 65. If the company wants to have at...
Suppose the daily demand of a product follows a normal distribution with the mean of 50 units and the standard deviation of 10 units. Lead time is 9 days. The ordering cost is $400 per order, and the inventory holding cost is $20 per unit per year. A cycle service level (probability of no stockout) of 95% is required. Using the fixed order quantity model, what is the reorder point? 500 450 O 720 630 MRP is a technique designed...
A pharmacy has estimated that the average daily demand for a particular medication is 30 packages, $12. The pharmaceutical company from which the pharmacy purchases the medication has a lead time of 4 days, and the cost of placing an order is S9. The carrying cost to hold one package of medication per quarter is 2% of the wholesale cost of the package. The pharmacy is open 300 days per year (it is closed on Sundays and some holidays). If...
Question 21 2.86 p Use the following to answer questions 20-21: Given the following inventory system: average daily demand is 75 units with a standard deviation of units, review period is 10 days, lead time is 2 days and the required service probability is 97.5% (z=1.96). Which of the following is the order quantity (currently, inventory on hand is 50 units)? 1 o 172 866 869 904 954 1 Management Le Marketing 14th...zip TB (100) (3).zip Practice Questi...pdf
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