An artist’s supply shop stocks a variety of different items to satisfy the needs of bothamateur and professional artists. In each case described, what is the appropriateinventory control model that the store should use to manage the replenishment of theitem described? Choose your answer from the following list and be sure to explain youranswer in each case:Simple EOQ Newsvendor model with service levelFinite production rate (Q, R) model with stock-out costEOQ with quantity discounts (Q, R) model with Type 1 service levelResource-constrained EOQ (Q, R) model with Type 2 service levelNewsvendor model Other type of modela. A highly volatile paint thinner is ordered once every three months. Cans notsold during the three-month period are discarded. The demand for the paintthinner exhibits considerable variation from one three-month period to thenext.
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
An artist’s supply shop stocks a variety of different items to satisfy the needs of both
amateur and professional artists. In each case described, what is the appropriate
inventory control model that the store should use to manage the replenishment of the
item described? Choose your answer from the following list and be sure to explain your
answer in each case:
Simple EOQ Newsvendor model with service level
Finite production rate (Q, R) model with stock-out cost
EOQ with quantity discounts (Q, R) model with Type 1 service level
Resource-constrained EOQ (Q, R) model with Type 2 service level
Newsvendor model Other type of model
a. A highly volatile paint thinner is ordered once every three months. Cans not
sold during the three-month period are discarded. The demand for the paint
thinner exhibits considerable variation from one three-month period to the
next.
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