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- 12. A restaurant uses an average of 8 jars of a special sauce every day. When they place an order, the jars arrive to the restaurant in a day (lead time is 1 day). Daily usage of sauce has a standard deviation of 3 jars. They think their demand during the lead time can be modelled with normal distribution. The manager is willing to accept no more than a 10 percent risk of stockout during lead time. Calculate at which level of inventory a new order needs to be placed (i.e. calculate the reorder-point(ROP)).One item a computer store sells is supplied by a vendor who handles only that item. Demand forthat item recently changed, and the store manager must determine when to replenish it. The managerwants a probability of at least 96 percent of not having a stockout during lead time. The managerexpects demand to average a dozen units a day and have a standard deviation of two units a day.Lead time is variable, averaging four days with a standard deviation of one day. Assume normalityand that seasonality is not a factor.a. When should the manager reorder to achieve the desired probability?b. Why might the model not be appropriate if seasonality were present?RoyalTech's South Jersey warehouse faces a daily demand that is normally distributed, with mean 1,000 and standard deviation 100 pallets. RoyalTech's supplier has a lead-time that is normally distributed, with mean 5 days and standard deviation 1 day. RoyalTech reviews its inventory periodically, that is, every 7 days. (Hint: think about the inventory model appropriate here) RoyalTech's warehouse runs 365 days a year, and the cost of carrying inventory is 18.25% per year. The supplier charges RoyalTech $2,000 per pallet, and $5,000 per delivery. RoyalTech plans to maintain 98% SL. NORMSINV(0.98) = 2.054. L(2.054) = 0.0073. Answer the following questions. 1. How much safety stock should Royal Tech carry? [Select] v pallets. 2. What is RoyalTech's average inventory? [ Select ] pallets. 3. What is the total relevant cost incurred by RoyalTech per day? $ [ Select] 4. What is the Fill Rate that RoyalTech is able to achieve for this service level? [ Select ]
- The amount of denim used daily by the Southwest ApparelCompany in its manufacturing process to make jeans isnormally distributed with an average of 4000 yards ofdenim and a standard deviation of 600 yards. The lead timerequired to receive an order of denim from the textile mill is a constant 7 days. Determine the safety stock and re-order point if the company wants to limit the probability of a stockout and work stoppage to 5%.Chris usually sells 120 copies of newspaper each day and believe that sale are normally distributed, with a standard deviation of 15 papers. He pays 70 cents for each paper, which sells $1.25. For each unsold paper, he receives 30-cent credit. a) determine how many papers he should order each day b) calculate the stockout risk for that quantity.An electronics retailer wants to develop an inventory policy to achieve 99% chance of not getting stockouts for a chip. The daily demand for the chip is estimated to be Normal with mean 200 and standard deviation of 20. They count the chip inventory every 2 weeks to place an order, and it takes 11 days for the ordered chips to be delivered. The retailer operates 7 days a week, 365 days a year. They are going to implement an order-up-to model. A) What base stock level should they choose? B) What is the number of chips they would have on order (on average)? C) When they checked their inventory of chips to place a new order, they found that they ran out of stock completely. In addition, they have 10 chips on way to be delivered, while there are five customers who paid for 20 chips in total and are waiting to receive their chips. How many chips should the retailer order?
- Furnitures sells office chairs ordered from its flagship store. It costs $100 to place an order, and the lead time is two weeks. Demand during lead time is N(40, 1.96). in future goodwill. It pays $60 for each chair and sells it for $100. The annual holding a chair inventory is 30% of its purchase cost. Furnitures estimates that each stockout causes a loss of $50 a) Assuming that all demand is backlogged, what are the reorder point and the safety stock level? b) To meet 99% service objective, what should be the safety stock level for Type 1 Service? For Type 2 Service?You are the owner of Hotspices.com, an online retailer of hip, exotic, and hard-to-findspices. Consider your inventory of saffron, a spice (generally) worth more by weightthan gold. You order saffron from an overseas supplier with a shipping lead time of fourweeks and you order weekly. Average weekly demand is normally distributed with amean of 40 ounces and a standard deviation of 30 ounces.a. Suppose it uses an order-up-to level of 301 ounces. What is its expected on-hand inventory? b. Suppose it uses an order-up-to level of 250 ounces. What is its expected on-order inventory? c. Suppose it uses an order-up-to level of 368 ounces. What is its in-stock probability? d. Suppose it wants a .96 in-stock probability. What should its order-up-to level be?33) please please help me with this Next week, Super Discount Airlines has a flight from New York to Los Angeles that will be booked to capacity. The airline knows from history that an average of 28 customers (with a standard deviation of 14) cancel their reservation or do not show for the flight. Revenue from a ticket on the flight is $122. If the flight is overbooked, the airline has a policy of getting the customer on the next available flight and giving the person a free round-trip ticket on a future flight. The cost of this free round-trip ticket averages $228. Super Discount considers the cost of flying the plane from New York to Los Angeles a sunk cost. By how many seats should Super Discount overbook the flight? Note: Use Excel's NORM.S.INV function to find the z value. Round z value to 2 decimal places. Round your answer to the nearest whole number.
- Oriental Healthcare is a multi-specialty hospital catering to a variety of illnessesconnected to the heart and respiratory systems. The demand for a class of medicalconsumable is generally random. Recently, an examination of the stores records overa period of 10 weeks revealed the following weekly consumption pattern:Week No. Consumption(Units)1 1202 1093 894 1405 1106 1457 778 1209 13010 80The supplier of the item takes on an average 2 weeks to deliver once the order isplaced. Design an appropriate inventory control policy for a periodic review systemfor a review frequency of 4 weeks for a 99% service levelDowntown Health Clinic needs to order influenza vaccinesfor the next flu season. The Clinic charges its patients $15.00per vaccination and each dose of vaccine costs the clinic$4.00 to purchase. The Center for Disease Control has a longstanding policy of buying back unused vaccines for $1.00 perdose. The Clinic estimates the following probability distribu-tion for the season’s demand a. How many vaccines should the Clinic order to maximizeits expected profit?b. The Clinic is trying to determine if they should participatein a new Federal program in which the cost of each dose isreduced to $2.00. However, to participate in the program,they can charge no more than $10.00 per vaccine. Onstrictly a profit maximizing basis, should the Clinic agreeto participate?A retailer uses the order-up-to model to manage inventory of an item in a store. The leadtime for replenishments is four weeks and it can place orders weekly. Weekly demand isPoisson with mean 0.10 unit. Its order-up-to level is five and unfilled demand is backordered. What is the coefficient of variation of its orders?