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Practical Management Science

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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Question

An electronics manufacturer requires resistors to make circuit boards. Its resistor
supplier only delivers them once a week, every Wednesday morning. Which model should
the manufacturer use to order inventory?
OA. fixed order interval
OB. variable depletion
OC. economic production quantity
OD. single period
OE. flexible scheduling
A Moving to another question will save this response.
ORD
MacBook Air
20
A
F7
▶11
F8

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Consider the basic EOQ model. Annual holding cost (AHC) is $2,400. Optimal cycle time (time between orders, T*) is 3 months. Find ordering cost per order (S). $400 per order $600 per order $2,400 per order Cannot be calculated $9,600 per order
Which of the following is an aim of economic order quantity purchasing? O a Minimizing the total cost Ob. Minimizing transport cost c. Minimizing the storage cost Od. Minimizing the ordering cost
The assumptions of the production order quantity model are met in a situation where annual demand is 5000 units, setup cost is $30, holding cost is $15 per unit per year, the daily demand rate is 20 and the daily production rate is 200. What is the production order quantity for this problem? 149 units 200 units 20 units 716 units None of the choices is correct
A hospital orders surgical supplies using a fixed order interval system. Suppose that just prior to ordering, a check of rolls of gauze bandages shows that there are 40 currently on hand. Suppose also that these rolls have a daily usage that is approximately normal with a mean of 9 rolls and a standard deviation of 4 rolls. Lead time is 4 days and the desired service level is 98 percent. The order interval is 12 days. 1. What would have been the desired service level if an order quantity of 142 rolls were placed when the stock on hand is 30 rolls? (Assume: amount on order and backorder is zero). * 2. How many units would be the safety stock? *
When an firm put aside some extra inventory that serves as an insurance against flucation in demand is called Wastage Inventory O Minimum Level Safety Stock EOQ
12 Which of the following is NOT an assumption of the economic order quantity model shown below? Select one: a. Demand is known, constant, and independent. b. Lead time is known and constant. c. Production and use can occur simultaneously. d. The only variable costs are setup cost and holding (or carrying) cost. e. Quantity discounts are not possible.
Alpha company uses 20,000 loads of lumber per year. A load of lumber costs $500 and the carrying cost is 10 percent of the unit cost. The cost to order is $200 per order and the lead-time is three working days. Assuming 200 working days. Determine working days between orders? Select one: a. 6 days b. 10 days c. 4 days d. 8 days
In the basic EOQ model, if annual demand doubles, the EOQ will O a. increase by about 41.42 percent O b. decrease by 48.42% O c. double O d. None of these O e. be about 70.7 percent of its previous amount
Which of the following statements about the basic EOQ model is Ture? If the holding cost were to increase, the EOQ would reduce. If the ordering cost were to decrease, the EOQ would increase. If annual demand were to double, the EOQ would also double. If annual demand were to increase, the EOQ would reduce.
The following statements refer to the Economic Order Quantity (EOQ) model. Which of the following are true? I. The EOQ is found by minimizing the total demand function. II. Total annual purchasing costs affects the EOQ. III. The EOQ model takes the timing of reordering into account.
A demand driven model will likely lead to higher inventory levels due to safety stock. True False
If D = 8,500 per month, S = $42 per order, and H= $2.50 per unit per month, a) What is the economic order quantity? The EOQ is b) How does your answer change if the holding cost doubles? The EOQ is units (round your response to the nearest whole number). The EOQ is units (round your response to the nearest whole number). c) What if the holding cost drops in half? units (round your response to the nearest whole number).

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