A firm uses a fixed time period model to manage a type of bolts they keep ininventory. The average daily demand for the bolts is 53 with a standard deviation of6.An order is placed every 35 days and is received 2 days later. They use a 99 percentservice level and currently have 92 on hand. How many should they order?Do not round intermediate calculations. Round your answer to a whole number.Your Answer:Answer

Periodic review system also sometimes know as the fixed interval to reorder system which has four…

Answered: A firm uses a fixed time period model…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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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?
Please provide STEP BY STEP instructions using the SINGLE PERIOD MODEL. Cynthia Knott’s oyster bar buys fresh Louisiana oysters for $5 per pound and sells them for $9 per pound. Any oysters not sold that day are sold to her cousin, who has a nearby grocery store, for $2 per pound. Cynthia believes that demand follows the normal distribution, with a mean of 100 pounds and a standard deviation of 15 pounds. How many pounds should she order each day?
A large corporation maintains a fleet of three 30-passenger corporate jets that provide daily scheduled service between Detroit & several cities that are home to its production facilities. The jets are used strictly for business travel. The executives bood reservations thru a centralized transportation office. Because of the limited number of seats available, the planes almost always fly full. Excess demand for seats is assigned by executive rank within the firm. The executive's budget is charged for the flight at the end of the month. The charge is based on the jet's total operating expenses during the month (to include fuel, pilot's salary & fringes, maintenance, licensing & landing fees, and 1/2 of the annual accounting depreciation) divided by the actual passenger miles logged in the month. This rate per passenger is multiplied by each passenger's mileage flown in the month.A. Describe the formula being used to calculate the cost per passenger mile flown.B. As passenger…
CU, Incorporated (CUI), produces copper contacts that it uses in switches and relays. CUI needs to determine the order quantity, Q, to meet the annual demand at the lowest cost. The price of copper depends on the quantity ordered. Here are price-break and other data for the problem: Price of copper $ 0.79 per pound up to 2,999 pounds $ 0.78 per pound for orders between 3,000 and 5,999 pounds $ 0.76 per pound for orders 6,000 pounds or greater Annual demand 50,000 pounds per year Holding cost 20 percent per unit per year of the price of the copper Ordering cost $ 30 Which quantity should be ordered?
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You are conducting a retrospective analysis for an Order-Up-To system (thus, the unsold inventory at the end of a week is carried over to the next week). The beginning inventory in week 1 is 150 units, the demand in week 1 is 180 units and the demand during week 2 is 250 units. If you receive a shipment of 115 units every week, at the end of week 2, the inventory level is 180 the inventory level is 200 the inventory level is 310 the backorder level is 30 the backorder level is 50 none of the above is correct
Inventory Management You are the store manager at a local branch of DigiLife, a large electronics retail chain. A new version of a popular consumer electronics device called the Amulet is coming out this year. It is your job to sell as many Amulets as you can while minimizing your costs in order to maximize your store's profits. Your Goal Earn $1,000,000 in net profits of Amulet sales.
Bigby Riggs sells high-end art frames that are ordered every Thursday to prepare for next week's demand. The most popular frame style is sold at $50 per unit and it costs Bigby $35 per piece. If too many art frames are ordered, Bigby incurs an inventory carrying cost of $2 per frame. If Bigby runs out of stock for the week, he forgoes the profits from missed sales. Bigby has the option to order 100, 150, or 200 art frames to meet next week's demand which can be either 100, 150, or 200 frames. Based on historical demand, Bigby has determined the following probability information: P(100) = 0.4, P(150) = 0.3, P(200) = 0.3 What is the Expected Monetary Value of your best alternative?
How Tyler should plan on ordering the flour for his bakery. Based on the attached: How much should Tyler plan on ordering the flour for his bakery? When should Tyler order the flour for his bakery
Gyona purchases meat from the local supermarket at $5 per kilo and sell it at $9 per kilo. any unsold meat is sold to the Chinese restaurant near by at $2 per kilo. Gyona is sure that the demand follows a normal distribution with a mean of 100 kilograms and a standard deviation of 15 kilograms. - How many kilograms should she order each day?

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