nventory Models that reorder items to a certain number of units : Fixed-time period model Fixed-order quantity model Variable-time period model Single-period model
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nventory Models that reorder items to a certain number of units :
Fixed-time period model
Fixed-order quantity model
Variable-time period model
Single-period model
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Solved in 3 steps
- Among the following multi-period inventory models, which one has the highest probability of stockout? A. Fixed Order Quantity with Safety Stock B. Fixed Time Period Model C. Fixed Order Quantity D. Both Fixed Order Quantity & Fixed Order Quantity with Safety StockDescribe the 3 differences between a fixed-quantity (Q) and a fixed-period (P) inventory ns4 a. system? Fixed Quality Inventory Fixed Period InventoryGreen Grass Industries Limited (GGIL) has used a fixed-time period inventory system that involved taking a complete inventory count of all items each month. However, increasing labor costs, are forcing GGIL, to examine alternative ways to reduce the amount of labor involved in inventory stockrooms, yet without increasing other costs, such a shortage costs. Table 10 is a random sample of 20 GGIL's items. Table 10. Annual Usage by Value of a sample of GGIL's Inventory Item Number Annual Usage ($) Item Number Annual Usage ($) 1 10,600 11 2,750 2 14,000 12 1,400 3 4,000 13 3,200 4 16,000 14 2,500 5 8,100 15 110,000 1,800 16 14,800 7 84,000 17 9,500 8. 890 18 1,700 9 940 19 3,700 10 94,000 20 12,500 a) What would you recommend GGIL to do to cut back its labor cost? (Illustrate using an ABC plan). b) Item 18 is critical to continued operations at GGIL. i. How would you recommend it be classified? ii. Give the reason(s) for your answer.
- How Do Inventory Control Systems Work? Inventory cost constraint Production capacity constraint Forecast demand > Product variety Production Production outline Production time planning system Market orders + Production quantity Production lead- Equip preventive time constraint maintenance constraintWhat is the significance of 80-20 rule in various fields? How could this be applied in managing inventory more efficiently? Explain.During the last 5 weeks, demands for a certain SKU at a retailer were 7 units (5 weeks ago), 4 units, 4 units, 4 units, and 5 units (last week). The retailer uses a period review model with order-up-to level 71 units, a review period of 2 weeks, and the lead time is 11 weeks. It is time to order. How much should the retailer order?
- Give typed solution and explanation of all subparts Don't upload type of photos Kamran Paint Company uses 60,000 gallons of pigment per year. The cost of ordering pigment is Tk.200 per order, and the cost of carrying the pigment in inventory is Tk.1.00 per year. The firm uses pigment at a constant rate every day throughout the year.? p =TK,s a. How much pigment should the firm order every time to minimize on total costs? b. Calculate the total cost of the plan? C. Determine the total number of orders suggested by the plan. d Assuming that it takes 20 days to receive an order once it has been placed, determine the level of pigment storage at which the firm has to place the next order of pigment. e. What are the average and maximum values of inventory for the firm?The ranking of items in ABC inventory analysis is based on O a. unit price b. C. alphabetical order d. item number e. annual dollar usage annual demand in unitsA manufacturing company produces two products X and Y. Each product X requires one A and two Bs. Each B requires one C and one D. Each product Y requires 1 C and 4Ds. Table Q5A shows data from the inventory records of components. Table Q5A Data category A B C D Lot - sizing rule Fixed order quantity = 250 Lot for lot Lot for lot Fixed order quantity = 1000 Lead time 3 weeks 2 weeks 1 week 2 weeks Beginning inventory 70 0 200 800 The MPS for products X and Y is given in Table Q5B. The on-hand inventories are as follows: X = 100, Y = 30. The only scheduled receipts are 250 units of X in period 2.The lead times are as follows: X = 2 weeks, Y = 3 weeks. The chase strategy is used for both products. Table Q5B Demand in period Product SS 1 2 3 4 5 6 7 8 X 50 300 200 250 Y 30 400 Required: a) Draw a product structure tree for each product. b) Develop…
- ___ model of inventory control involves placing an order when inventory levels reach re-order level a. Q b. P c. Fixed-time period d. ABC AnalysisAt Matthews Car Repair, customer demand for a certain brand of motor oil is normally distributed with a mean of 15 gallons and a standard deviation of 6 work-days. To be 95% sure that Compact Car Repair will not run out of oil, we should reorder when motor oil in stock is less than _______ gallons. a. 24.9 b. 22.6 c. 23.7 d. 20Xemex has collected the following inventory data for the six items that it stocks: ITEM CODE UNIT COST ($) ANNUAL DEMAND (UNITS) ORDERING COST ($) CARRYING COST AS A PERCENTAGE OF UNIT COST 1 10.60 600 40 20 2 11.00 450 30 25 3 2.25 500 50 15 4 150.00 560 40 15 5 4.00 540 35 16 6 4.10 490 40 17 Lynn Robinson, Xemex’s inventory manager, does not feel that all of the items can be controlled. What ordered quantities do you recommend for which inventory product(s)?