In a reorder point inventory problem, the standard deviation of the annual demand is 186 units, and the supply lead time is 11 days. What is the standard deviation of the lead time demand? (1 year=365 days).
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- 5. A product has an average daily demand of 400 units with standard deviation of 10.0 units. Lead-time is 1 day. If management would like to satisfy all demand in 80% of the cycles, what is the reorder point? 6. A product sells for $24 per unit and costs the retailer $12 per unit, unsold units by the end of the season are salvaged for $7.0. Demand is normally distributed with a mean of 1000 units and standard deviation of 100 units. How many units should the retailer order? 7. A product sells for $24 per unit and costs the retailer $12 per unit, unsold units by the end of the season are salvaged for $9.0. Demand is normally distributed with a mean of 1000 units and standard deviation of 100 units. How many units should the retailer order?The Mediterranean Restaurant stocks a red Chilean tablewine it purchases from a wine merchant in a nearby city.The daily demand for the wine at the restaurant is normally distributed, with a mean of 18 bottles and a standard deviation of 4 bottles. The wine merchant sends arepresentative to check the restaurant’s wine cellar every30 days, and during a recent visit there were 25 bottles instock. The lead time to receive an order is two days. Therestaurant manager has requested an order size that willenable him to limit the probability of a stockout to 5%.A company stocks an SKU with a weekly demand of 600 units and a lead time of4 weeks. Management will tolerate one stockout per year. If sigma for the lead timeis 100 and the order quantity is 2500 units, what is the safety stock, the averageinventory, and the order point?
- Reorder PointConsider an economic order quantity case where annual demand D = 1,000 units, economic order quantity Q = 200 units, the desired probability of not stocking out P = .95, the standard deviation of demand during lead time σL = 25 units, and lead time L = 15 days. Determine the reorder point. Assume that demand is over a 250-workday year.XYZ Company must order tires from its warehouse. It costs $10550 to place an order and to review the inventory level. Annual tire sales are normally distributed with mean 20000 and variance 4,000,000. It costs $10 per year to hold a tire in inventory, and each order arrives two weeks after being placed. The Company uses periodic review (R, S) policy. What is the review interval R (in years), estimated using EOQ.? Select one: a. 1.027 O b.0.1083 c. 0.2297 d. 0.1624 e. 0.3248A retailer uses a periodic review order-up-to model to control the inventory of one of its high volume products. Average demand is 2580 units per week with a standard deviation of 1270. The review period is 5 weeks, the lead time is 11 weeks, and the safety factor used is 0.61. How many stockouts should the retailer expect for this product next year?
- That One Book sells its books through The Witch and the Wardrobe bookstores. It costs That One Book $0.80 to print each book; it sells the book to The Witch and the Wardrobe for $2.50. The Witch and the Wardrobe then sells the books at retail for $6.00. Whatever doesn’t sell gets thrown away. Demand for the book each issue is normal with a mean of 5219 and a standard deviation of 1610. To give The Witch and the Wardrobe incentive to order more books, it proposes a revenue-sharing contract. Instead of selling the book to The Witch and the Wardrobe for $2.50, That One Book will sell its books to The Witch and the Wardrobe for only $1.00. However, for each book that The Witch and the Wardrobe sells at retail, The Witch and the Wardrobe must give $2.00 back to That One Book. With this revenue sharing agreement in place, what is the optimal order amount that will maximize The Witch and the Wardrobe expected profit? Please do fast ASAPa. Mr. Mashabela operates a small novelty shop. Each morning he purchases a small quantity of daily computerized horoscopes at a cost of R15.00 per item. He resells them later in the day for R25.00 per horoscope. For the past 200 days, Mr. Mashianoke's demand has been 6 items on 60 days, 7 items on 60 days, 8 items on 40 days, 9 items on 20 days and 10 items on 20 days. The horoscopes come in packages of 2, which forces Mr. Mashabela to purchase an even number, and the horoscopes are salable for one day only. At the end of each working day, however, Mr. Mashabela can sell any remaining horoscopes to a night-own peddler for R10.00 per item. i) Set up the payoff matrix for the above problem. ii) Assuming the probabilities of the occurrence of the state of nature is unknown, how many computerized horoscopes should the decision maker purchase based on opportunistic loss? i) Using the expected monetary value approach, determine how many computerized horoscopes should Mr. Mashabela purchase.…A hospital must order the drug Porapill from DaisyDrug Company. It costs $500 to place an order and $30 toreview the hospital’s inventory of the drug. Annual demandfor the drug is N(10,000, 640,000), and it costs $5 to holdone unit in inventory for one year. Orders arrive one monthafter being placed. Assume that all shortages are backlogged.a Estimate R and the number of orders per year thatshould be placed.b Using the answer in part (a), determine the optimal(R, S) inventory policy. Assume that the shortage costper unit of the drug is $100.
- 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%.A local whole seller for Lipton tea estimates an annual demand of tea at 3900 kgs. It costs RO 10 to make and receive an order, and it takes 16 workdays to receive it. The annual holding cost is 25 % of purchase price. The price RO 1 per kg. The company is operating 6 days per week. What is the economic order quantity (EOQ) in kg? Round-up to the nearest integer- Oa. None is correct O b. 593 O c. 749 d. 267 e. 559Furnco sells secretarial chairs. Annual demand isnormally distributed, with mean of 1,040 chairs and standarddeviation of 50.99 chairs. Furnco orders its chairs from itsflagship store. It costs $100 to place an order, and the leadtime is two weeks. Furnco estimates that each stockoutcauses a loss of $50 in future goodwill. Furnco pays $60 foreach chair and sells it for $100. The annual cost of holdinga chair in inventory is 30% of its purchase cost.a Assuming that all demand is backlogged, what arethe reorder point and the safety stock level? b Assuming that all stockouts result in lost sales, de-termine the optimal reorder point and the safety stock level.