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A large automobile repair shop has a very low demand for certain component i.e. the demand is 8 items per year. The demand is assumed to be deterministic.The cost of placing an order for this part is Re. 1/-. The unit cost is Rs. 30/-. The inventory carrying cost is 20% of average inventory. Find the optimal order quantity, by considering the integrality of items. What would be the optimal time to place orders? What is the value of optimal quantity by using square root formula?

A large automobile repair shop has a very low demand for certain component i.e. the demand is 8 items per year. The demand is assumed to be deterministic.The cost of placing an order for this part is Re. 1/-. The unit cost is Rs. 30/-. The inventory carrying cost is 20% of average inventory. Find the optimal order quantity, by considering the integrality of items. What would be the optimal time to place orders? What is the value of optimal quantity by using square root formula?

Elements Of Electromagnetics
Elements Of Electromagnetics
7th Edition
ISBN:9780190698614
Author:Sadiku, Matthew N. O.
Publisher:Sadiku, Matthew N. O.
ChapterMA: Math Assessment
Section: Chapter Questions
Problem 1.1MA
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A large automobile repair shop has a very low demand for certain component i.e. the demand is 8 items per year. The demand is assumed to be deterministic.The cost of placing an order for this part is Re. 1/-. The unit cost is Rs. 30/-. The inventory carrying cost is 20% of average inventory. Find the optimal order quantity, by considering the integrality of items. What would be the optimal time to place orders? What is the value of optimal quantity by using square root formula?
Transcribed Image Text:A large automobile repair shop has a very low demand for certain component i.e. the demand is 8 items per year. The demand is assumed to be deterministic.The cost of placing an order for this part is Re. 1/-. The unit cost is Rs. 30/-. The inventory carrying cost is 20% of average inventory. Find the optimal order quantity, by considering the integrality of items. What would be the optimal time to place orders? What is the value of optimal quantity by using square root formula?
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