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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
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
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).
16 Brooke Army Medical Center dispenses 390,000 bottles of brand name pharmaceutical annually. The optimal safety stock (which is on hand initially) is 1,000 bottles. Each bottle costs the center $10, inventory carrying costs are 30%, and the cost of placing an order with its supplier is $175. I What is the economic order quantity? Format is x,xxx (number only) What is the maximum inventory for this medication? Format is x,xxx How often must the center order (in days)? Format is xx days or x days How many orders of this pharmaceutical will need to be placed each year? Format is x or xx (number only)
Which of the following statements is false? a. Ordering in smaller lot sizes lead to lower inventory holding costs. b. Seasonal inventory is stored to cater predictable surge in demand. c. Cycle inventory is the average amount of inventory used to satisfy demand between replenishments. d. Safety inventory is kept when the demand is less than supply.

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