What is the EOQ? (Enter your response rounded to the nearest whole number.)
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Sam's Cat Hotel operates 50 weeks per year, 6 days per week, and uses a continuous review inventory system. It purchases kitty litter for $12.00 per bag. The following information is available about these bags: > Demand = 95 bags/week > Order cost = $50.00/order > Annual holding cost = 20 percent of cost > Desired cycle-service level = 80 percent > Lead time =5 weeks (30 working days) > Standard deviation of weekly demand = 15 bags > Current on-hand inventory is 320 bags, with no open orders or backorders. a. Suppose that the weekly demand forecast of 95 bags is incorrect and actual demand averages only 75 bags per week. How much higher will total costs be, owing to the distorted EOQ caused by this forecast error? The costs will be $ higher owing to the error in EOQ. (Enter your response rounded to two decimal places.)Your firm uses a continuous review system and operates 52 weeks per year. One of the SKUs has the following characteristics.Demand 1D2 = 20,000 units/yearOrdering cost 1S2 = $40/orderHolding cost 1H2 = $2/unit/yearLead time 1L2 = 2 weeksCycle@service level = 95 percentDemand is normally distributed, with a standard deviation of weekly demand of 100 units.Current on-hand inventory is 1,040 units, with no scheduled receipts and no backorders.a. Calculate the item’s EOQ. What is the average time, in weeks, between orders?b. Find the safety stock and reorder point that provide a 95 percent cycle-service level.
- A subcontracting firm Gamma Pharmaceuticals Ltd. located in Western India dealing with generic medicines operates 50 weeks per year. The following information is available regarding the major ingredient used for the medicine:Weekly Demand= 60 unitsStandard deviation of weekly demand = 9 unitsOrdering costs (Co) = Rs. 64/ orderHolding costs (Ch) = Rs.40/unit/yearCycle-service level = 90% (z-value = 1.28)Lead time = 2 weeksNumber of weeks per year = 50 weeksd) Using the fixed order quantity system to control inventory, calculate the EOQe) Compute the reorder point and state the order decision rulef) Compute the total variable cost of inventory.A natural food store carries a brand of coffee called World’s Greatest Coffee. The following data should be used in your calculations. Demand/Sales = 10 cases of coffee per week (you will need to convert this to an annual amount) Ordering Cost = $12 per order Carrying Charge = 18% per year Unit Cost = $75 per case 1. What is the annual cost or ordering the coffee? What is the annual cost of carrying the coffee? And what is the total cost (ordering and carrying costs added together)?2. Name three reasons or factors that might cause the firm to order a larger or smaller amount than the EOQ.You are the operations manager of a firm that uses the continuous review inventory control system. Suppose the firm operates 252 days a year and has the following characteristics for its primary item: Demand = 25,000 units/year Ordering cost = $30/order Holding cost = $1/unit/year Lead time = 4 days Standard deviation in daily demand = 10 units What is the total holding cost per year, including annual holding cost for safety stock (to the nearest whole number)? (Service level=95%) answer is 645 but why?
- Sam’s Cat Hotel operates 52 weeks per year, 6 days per week, and uses a continuous review inventory system. It purchases kitty litter for $11.70 per bag. The following information is available about these bags.Demand = 90 bags/weekOrder cost = $54/orderAnnual holding cost = 27 percent of costDesired cycle@service level = 80 percentLead time = 3 weeks 118 working days2Standard deviation of weekly demand = 15 bagsCurrent on-hand inventory is 320 bags, with no open orders or backorders.a. What is the EOQ? What would be the average time between orders (in weeks)?b. What should R be?c. An inventory withdrawal of 10 bags was just made. Is it time to reorder?d. The store currently uses a lot size of 500 bags (i.e., Q = 500). What is the annual holding cost of this policy? Annual ordering cost? Without calculating the EOQ, how can you conclude from these two calculations that the current lot size is too large?e. What would be the annual cost saved by shifting from the 500-bag lot size to the…Especially for wholesalers and retailers involved in the distribution channels for consumer packaged goods, inventory management is a careful balancing act between: supply and demand. controlled supply and variable demand. lower inventory levels and acceptable customer service levels. variable inventory levels and consistent customer service levels.An electronics retailer carries a particular cellular telephone with the following characteristics:Average monthly sales = 120 unitsOrdering cost = $25 per orderCarrying cost = 35 percent per yearItem cost = $300 per unitLead time = 4 daysStandard deviation of daily demand = .2 unitWorking days per year = 250a. Determine the EOQ.b. Calculate the reorder point for a 92 percent service level, assuming normally distributed demand.c. Design a Q system for this item.d. What happens to the reorder point when the lead time changes? What happens to the reorder point when the standard deviation of demand changes?
- Your company uses an average of 32 boxes of paper a day and operates 128 days a year. It costs $8 to order and receive a shipment of paper, while storage costs for the paper are $1 a year per box. The total annual cost using an order size that would minimize the sum of annual ordering and carrying costs would be $ (enter your answer as a whole number)The National Company uses 150,000 gallons of hydrochloric acid per month. The cost of carrying the chemical in inventory is 50 cents per gallon per year, and the cost of ordering the chemical is P150 per order. The firm uses the chemical at a constant rate throughout the year. It takes 18 days to receive an order once it is placed. The reorder point is (Operating days is 360/year)The company uses 150,000 gallons of alcohol per month. The cost of carrying the alcohol in inventory is P0.50 per gallon per year, and the cost of ordering is P150 per order. The firm uses the alcohol at a constant rate throughout the year. It takes 18 days to receive an order once it is placed. The reorder point is?