Use the data below to answer the question below.Average daily demand325 cases per dayStandard deviation of daily demand95 cases per day2 daysAverage Lead TimeInventory holding costPurchase PriceOrder CostStockout CostDesired Service Level20% of the item's value per year$50 per case$10 per order$35 per case80%Assume the company operates 365days per yearYou look back at historical data and find that lead time is not constant but is variable with anaverage of 2 days. What should the reorder point be set at to meet the desired service level ifthe standard deviation of lead time was found to be 0.5 days and the z-score for a servicelevel of 80% is 0.84?

Given: Average daily demand (d) = 325 cases per day ,Standard deviation of daily demand (d) = 95…

Answered: Use the data below to answer the…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter20: The Problem Of Adverse Selection Moral Hazard

Section: Chapter Questions

Problem 3MC

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