The manager of a hardware store decides to use theEOQ with shortages model to determine the orderingpolicy for tape measures. Using economic considerations,the manager determines that she should usean order quantity of Q 5 30 and have a maximumshortageof b 5 3. The lead time for her supplier todeliver an order is L working days, where there are sixworking days in a week. (Essentially, you can ignoreSundays.) The weekly demand is for 20 tape measures.What reorder point should the manager use ifL 5 3; if L 5 5; if L 5 10? (Hint: The manager shouldplan her orders so that the inventory level is 2b whenan order arrives.)
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.
The manager of a hardware store decides to use the
EOQ with shortages model to determine the ordering
policy for tape measures. Using economic considerations,
the manager determines that she should use
an order quantity of Q 5 30 and have a maximum
shortage
of b 5 3. The lead time for her supplier to
deliver an order is L working days, where there are six
working days in a week. (Essentially, you can ignore
Sundays.) The weekly demand is for 20 tape measures.
What reorder point should the manager use if
L 5 3; if L 5 5; if L 5 10? (Hint: The manager should
plan her orders so that the inventory level is 2b when
an order arrives.)
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