Unplanned inventory decreases:tend to result in a decrease in income.tend to result in an increase in real output.tend to further reduce production.signal that demand was weaker than expected.
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Daily demand for a certain product is normally distributed, with a mean of 100 and a standard deviation of 15. The supplier is reliable and maintains a constant lead time of 5 days. The cost of placing an order is $10 and the cost of holding inventory is $0.50 per unit per year. There are no stock-out costs, and unfilled orders are filled as soon as the order arrives. Assume sales occur over 360 days of the year. Your goal here is to find the order quantity and reorder point to satisfy a 90 percent probability of not stocking out during the lead time.a. What type of system is the company using?b. Find the order quantity.c. Find the reorder point.Suppose the following item is being managed using a fixed-order quantity model with safety stock. Annual Demand = 100,000 units Order quantity = 30,000 units Safety stock = 4000 units What are the average inventory level and inventory turnover for this item?
- The McDonald’s fast-food restaurant on campus sells an average of 4,000 quarter-pound hamburgers each week. Hamburger patties are resupplied twice a week, and on average the store has 350 pounds of hamburger in stock. Assume that the hamburger patties cost $1.00 a pound and there are 52 weeks in a year. What is the inventory turnover for the hamburger patties? Note: Do not round intermediate calculations. Round your answer to 1 decimal place. On average, how many days of supply are on-hand? Note: Do not round intermediate calculations. Round your answer to 2 decimal places.I need a detailed explanation on how to solve this problem: A paint shop implements an inventory policy on its stock of white paint, which costs the store $6 per can. Monthly demand for cans of white paint is normal with mean 28 and standard deviation 8. The replenishment lead time is 14 weeks. Excess demand is backordered, but costs $10 per back ordered can in labor and loss of goodwill. There is a fixed cost of $15 per order, and the holding cost is based on 30% interest rate per annum. In your computations, assume 4 weeks per month. - Write down the model name and parameters. - What are the optimal lot size and reorder points for white paint (include the formulas)? - What is the optimal safety stock (include the formula)? *** Suppose the paint shop from the above problem adopts a service level policy. - What are the optimal lot size and reorder points for white paint, such that 90% of the cycles are filled without backordering (include all formulas)? - What is the fill rate…A restaurant uses 5,000 quart bottles of ketchup each year. The ketchup costs $3.00 per bottle and is served only in whole bottles because its taste quickly deteriorates. The restaurant figures that it costs $10.00 each time an order is placed, and holding costs are 20 percent of the purchase price. It takes 3 weeks for an order to arrive. The restaurant operates 50 weeks per year. The restaurant would like to use an inventory system that minimizes inventory cost. The restaurant has figured that the most economical order size or EOQ is approx. 409 (rounding up the decimals). Suppose that things have become uncertain and that customer demand is no more constant. Customer demand is now normally distributed with mean being the same as given in the problem description and standard deviation = 30 units per week. The supply source is still very reliable and as a result the lead time is constant. Find out the safety stock needed to achieve 95% customer service level. O 55 65 075 85 None of…
- Demand in each period is normally distributed with a mean of 100 and standard deviation of 50. Assuming demand across periods are independent, what is the standard deviation of the total demand over 4 periods?Sorlini Pasta sells pasta throughout Italy. Which of the following is the strongest evidence that Sorlini Pasta is suffering from the bullwhip effect?a. They hold a considerable amount of inventory, enough to satisfy their average demandfor the next four weeks.b. Just before a snowstorm in the northern part of the country, sales of pasta increasedconsiderably.c. Sorlini sells both fresh and dry pasta products through different types of retailers.d. Most retailers only carry a subset of all of the pastas Sorlini offers.e. The volatility of the orders Sorlini receives from its distributors is greater than thevolatility of pasta demand at retailers.f. Pasta consumption per capita in southern Italy is higher than in northern Italy.A 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?
- What is ABC Analysis in Inventory Management? How ABC Analysis Relates to the Pareto PrincipleYou are working in a food manufacturing company assigned to the Production Department. You have observed that some of the raw materials in the Warehouse are not properly utilized by the production team. These raw materials are perishable and have short shelves life. The unutilized raw materials were due to the excessive inventory purchase by the company as it failed to plan its production activity. This has also increased the spending of the company, decreasing the company's profit. As the controller, what are the actions you may implement to control the situation?Suppose the demand of a product in a retail store is 800 per year and it occurs at a constant rate. Placement of an order of this product to an outside supplier by the store is 40 Dollar. The super market authority has calculated the inventory holding cost per unit per year as 90 cents. Assuming no occurrence of shortages of the product, find i. the minimal number of orders per year. Explain whether the nearest integer number of orders per year is justified. Please answer this part with the explanation part asked in the question.