Jitsmart is a retailer of plastic action-figure toys. The actionfigures are purchased from Tacky Toys, Inc., and arrive inboxes of 48. Full boxes are stored on high shelves out of reachof customers. A small inventory is maintained on child-levelshelves. Depletion of the lower-shelf inventory signals theneed to take down a box of action figures to replenish theinventory. A reorder card is then removed from the box andsent to Tacky Toys to authorize replenishment of a containerof action figures. The average demand rate for a popular ac-tion figure, Agent 99, is 36 units per day. The total lead time(waiting plus processing) is 11 days. Jitsmart’s safety stockypolicy variable, a, is 0.25. What is the authorized stock levelfor Jitsmart?
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.
Jitsmart is a retailer of plastic action-figure toys. The action
figures are purchased from Tacky Toys, Inc., and arrive in
boxes of 48. Full boxes are stored on high shelves out of reach
of customers. A small inventory is maintained on child-level
shelves. Depletion of the lower-shelf inventory signals the
need to take down a box of action figures to replenish the
inventory. A reorder card is then removed from the box and
sent to Tacky Toys to authorize replenishment of a container
of action figures. The average demand rate for a popular ac-
tion figure, Agent 99, is 36 units per day. The total lead time
(waiting plus processing) is 11 days. Jitsmart’s safety stocky
policy variable, a, is 0.25. What is the authorized stock level
for Jitsmart?
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