**Inventory Management in the Automotive Section: A Case Study**As the new head of the automotive section of Nichols Department Store, it is crucial to ensure accurate reorder quantities for various items. This exercise focuses on Michelin tires, specifically the XW size 185 × 14 BSW. To manage inventory effectively, a perpetual inventory system is utilized, and the following data has been collected:- **Cost per tire:** $35 each- **Holding cost:** 20% of tire cost per year- **Demand:** 1,000 per year- **Ordering cost:** $20 per order- **Standard deviation of daily demand:** 3 tires- **Delivery lead time:** 4 daysGiven that customers often choose alternatives if tires are unavailable, a service probability of 98% is targeted. The demand is evenly distributed throughout the year, occurring 365 days annually.**Tasks:**a. **Determine the order quantity.** *Instructions:* Round your answer to the nearest whole number. - **Order quantity:** [__________] tiresb. **Determine the reorder point.** *Instructions:* Use Excel's `NORMSINV()` function to find the z-value. Do not round intermediate calculations. Round the z-value to two decimal places and the final answer to the nearest whole number. - **Reorder point:** [__________] tires

Name: **Inventory Management in the Automotive Section: A Case Study**As th
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Description: **Inventory Management in the Automotive Section: A Case Study**As the new head of the automotive section of Nichols Department Store, it is crucial to ensure accurate reorder quantities for various items. This exercise focuses on Michelin tires, sp

Given data: Cost per tire = $35 each Holding cost = 20% of tire each year Annual demand = 1000 per…

Math

Statistics

Cost per tire Holding cost Demand $35 each 20 percent of tire cost per year 1,000 per year $20 per order 3 tires Ordering cost Standard deviation of daily demand Delivery lead time 4 days Because customers generally do not wait for tires but go elsewhere, you decide on a service probability of 98 percent. Assume the demand occurs 365 days per year. a. Determine the order quantity. (Round your answer to the nearest whole number.) Order quantity tires b. Determine the reorder point. (Use Excel's NORMSINV() function to find the z value. Do not round intermediate calculations. Round z value to 2 decimal places and final answer to the nearest whole number.) Reorder point| | tires

Cost per tire Holding cost Demand $35 each 20 percent of tire cost per year 1,000 per year $20 per order 3 tires Ordering cost Standard deviation of daily demand Delivery lead time 4 days Because customers generally do not wait for tires but go elsewhere, you decide on a service probability of 98 percent. Assume the demand occurs 365 days per year. a. Determine the order quantity. (Round your answer to the nearest whole number.) Order quantity tires b. Determine the reorder point. (Use Excel's NORMSINV() function to find the z value. Do not round intermediate calculations. Round z value to 2 decimal places and final answer to the nearest whole number.) Reorder point| | tires

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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