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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.“The ABC Supply company is currently experiencing with an inventory rotation problem. This difficulty stems from the fact that some supplies must be used prior to a stated expiration date. Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates.” Required: Explain the DMAIC methodology that can be used by the “ABC” company to implement Six Sigma Process for the above scenario. 800 wordsLast year, the retailer’s weekly variance of demand was 200 units. The variance of orders was 500, 600, 750, and 1,350 units for the retailer, wholesaler, distributor, and manufacturer, respectively.a) Calculate the bullwhip measure for the retailer.b) Calculate the bullwhip measure for the wholesaler.c) Calculate the bullwhip measure for the distributor.d) Calculate the bullwhip measure for the manufacturer.e) Which firm appears to be contributing the most to the bull-whip effect in this supplychain?
- “The ABC Supply company is currently experiencing with an inventory rotation problem. This difficulty stems from the fact that some supplies must be used prior to a stated expiration date. Upon receipt, a new shipment of these perishable items must be stacked beneath the boxes that are currently in inventory. A substantial amount of time is consumed in restacking the items according to their expiration dates.” Required: Explain the DMAIC methodology that can be used by the “ABC” company to implement Six Sigma Process for the above scenario.Inventory and supply chain management concepts (6) When is it appropriate to use an Economic-Order-Quantity (EOQ) to determine an inventory order quantity? Multiple Choice O O When product has short lifecycle and it is very expensive to buy. When product is perishable and there is cost of holding inventory. When product has long life cycle and there is fixed cost of ordering. When product's demand is uncertain and there is a known cost of under-stocking.If the company in #8 uses exponential smoothing (smoothing factor = .6) and the forecast for the year is the figure they use for EOQ calculations, calculate the EOQ using the following information: The cost of ordering and carrying cost % are the same as #7 Cost of ordering: $25 Carrying costs: 45% Starting with 2018, Forecast the 2020 demand using exponential smoothing and then use that forecast as the annual demand. year sales 2017 1,000,000 2018 1,200,000 2019 2,000,000 2020
- A firm orders a number of items from a regional warehouse every 2 weeks. Deliverytakes 1 week. Average demand is 200 units per week, and safety stock is held at2 weeks’ supply.a. Calculate the target level.b. If 600 units are on hand, how many should be ordered?Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $47 Jan. 11 Aug. 13 20 units at $48 Nov. 30 $564 960 735 Avaliable for sale $2,259 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-sout (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Inventory Purchase Purchase 15 units at $49 47 units 1,284 Xb. Forward Thinking Limited (FTL) has used a fixed-time period inventory system that involvedtaking a complete inventory count of all items each month. However, increasing labor costs, areforcing FTL, to examine alternative ways to reduce the amount of labour involved in inventorystockrooms, yet without increasing other costs, such a shortage costs. Table 4 (below) is arandom sample of 20 FTL’s items.6Table 4. Annual Usage by Value of a sample of FTL’s InventoryItem Number Annual Usage ($) Item Number Annual Usage ($)1 10,700 11 2,8502 14,100 12 1,5003 4,100 13 3,3004 16,100 14 2,6005 8,200 15 110,1006 1,900 16 14,9007 84,100 17 9,6008 990 18 1,8009 1040 19 3,80010 94,100 20 12,600 (i) What would you recommend FTL to do to cut back its labor cost? (Illustrate using an ABCplan).
- Black Instrument Company replenishes highly specialized replacement (service) parts based on statistical reorder point. One part is a 40-mm thumbscrew. Relevant data for the thumbscrew are: Planned stock out frequency= Six per year. Planned lead time = 2 weeks Forecast for next week= 300 Batch size = 400 Standard deviation of demand = 20 (per week) What is the reorder point? What would be the effect on the ROP if lead time were five weeks instead of two? What other factors might impact your decision on when to reorder parts?David Alexander has compiled the following table of six itemsin inventory at Angelo Products, along with the unit cost andthe annual demand in units:IDENTIFICATION CODE UNIT COST ($) ANNUAL DEMAND(UNITS)XX1 5.84 1,200B66 5.40 1,1103CPO 1.12 89633CP 74.54 1,104R2D2 2.00 1,110RMS 2.08 961 Use ABC analysis to determine which item(s) should be care-fully controlled using a quantitative inventory technique and which item(s) should not be closely controlled.Please complete the sup part: e,f and g. 1.B&H needs to decide how to manage its inventory of cameras. The demand for cameras at B&H is 200 cameras per week. Each time that B&H places an order for a new shipment of cameras, it must pay $80 in fixed processing fees. A camera costs B&H $60 to purchase. The cost for B&H to hold a camera in its store for one week is $4. Assume that the lead time for the delivery of a camera is 0 weeks.a. Suppose that B&H places orders for cameras in quantities of 50 cameras at a time and places a new order for cameras each time that it runs out. Draw a graph showing the number of cameras that B&H has on-hand in inventory at each point in time up until the time when it places its fourth-order. Label the points in time at which B&H places a new order. Assume that B&H places its first order for 50 cameras on day 0.b. Suppose again that B&H places orders for 50 cameras at a time. What will be B&H’s average holding…