Annual physical inventories usually do not require shutdown of production facility. O True O False
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- What Companies Use JIT Inventory Management?Justify why a reduction in setup time will result in a reduction in the average amount of inventory held by a business.The Budd Gear Co. specializes in heat-treating gears for automobile companies. At 8:00 a.m., when Budd's shop opened today, five orders (listed in order of arrival) were waiting to be processed. Order Size Order (units) 16 ABCDE 66084 10 Per Unit Time in Heat Treatment (minutes/unit) 4 12 3 10 1 Due Date (min. from now) 160 200 180 190 220 a. If the due date rule is used, what sequence should be used? The sequence is b. What will be the average job tardiness? (Round your answer to 2 decimal places.) Average job tardiness c. What will be the average number of jobs in the system? (Round your answer to 2 decimal places.) Average number of jobs d. Would the Shortest processing time rule produce better results in terms of average job tardiness? (Round your answer to the nearest whole number.) (Click to select) new average job tardiness is (Click to select) ✓ minutes.
- Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot size. The firm uses a work year of 300 days. Setup labor cost Annual holding cost Daily production (8 hours) Annual demand for steering wheels Desired lot size (2 hours of production) $60.00 per hour $19 per unit 1,040 units/day 33,000 (300 days x daily demand of 110 units) Q = 260 units a) Setup cost = $ b) Setup time = (round your response to two decimal places). minutes (round your response to two decimal places).SLO-2.1 Despite the increased use of JIT systems, there are several benefits or advantages to having inventory, they include: A) Make possible smooth and efficient operations by decoupling individual segments of the total operationB) Inventories of parts and components produced in-house facilitates economical production runs in various machine-assembly stationsC) Provides “safety” stock for supply interruptionsD) Finished goods inventory help the marketing/sales department satisfy unexpected customer demand to avoid stockoutsE) All of the above SLO-2.3 Which of the following is not a definition of Supply Chain Management (SCM)? A) SCM is an integrating philosophy to manage the total flow of a distribution channel from supplier to the ultimate customer.B) SCM encompasses integrative management of the sequential flow of logistical, conversion and service activities from vendors to ultimate consumers necessary to produce a product of service efficiently and effectively.C) SCM is a…Explore the function and implications of safety stock within the framework of the Wilson approach for efficient inventory control.
- Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot size. The firm uses a work year of 300 days. Setup labor cost Annual holding cost Daily production (8 hours) Annual demand for steering wheels Desired lot size (2 hours of production) $60.00 per hour $11 per unit 880 units/day 36,000 (300 days x daily demand of 120 units) Q=220 units a) Setup cost = $ (round your response to two decimal places). b) Setup time = minutes (round your response to two decimal places).Inventory reserve is conceptually similar to ??????Lot-for-lot replenishment is most appropriate for which types of orders? Large, infrequent orders Any independent demand items Infrequent orders of varying sizes Orders in a Just-in-Time (JIT) shop
- Instruction: Answer what is being required. You may compute them manually or use the Excel QM.Pencil number 2 at the campus book-store are sold at a fairly steady rate of $60 per week. It cost the bookstore $12 to initiate an order to its supplier and holding costs are $0.005 per pencil per year.Determine◦ What is the optimal number of pencils for the bookstore to purchase to minimize total annual inventory cost?◦ How many Number of orders per year?◦What is the The length of each order cycle?◦ How much is the Annual holding cost?◦ How much is the Annual ordering cost? ◦ What is the total annual inventory cost?If the order lead time is 4 months, determine the reorder point.Please Illustrate the inventory profile graphically.What additional cost would the book-store incur if it orders in batches of 1000?In a short article on Pros and Cons of Re-Order Control and Cycle Inventory Tracking Systems, please clarify it to me.The Budd Gear Co. specializes in heat-treating gears for automobile companies. At 8:00 a.m.,when Budd’s shop opened today, five orders (listed in order of arrival) were waiting to beprocessed.OrderOrder Size(units)Per Unit Time inHeat Treatment(minutes/unit)Due Date(min. from now)A 16 4 160B 6 12 200C 10 3 180D 8 10 190E 4 1 220a. If the earliest due date rule is used, what sequence should be used?b. What will be the average job tardiness?c. What will be the average number of jobs in the system?d. Would the SPT rule produce better results in terms of job tardiness?