Demand for your product averages 20 units per day, with a standard deviation of 4. Your lead time is 5 days. (See attached)What should your reorder point be, if you want to have a 95% chance of not running out of products during the lead time?With this reorder level, how much safety stock do you have? ### Understanding the Standard Normal Table#### Diagram ExplanationThe diagram at the top is a bell-shaped curve known as the Standard Normal Distribution Curve. It represents the distribution of probabilities for a standard normal distribution with a mean of 0 and a standard deviation of 1. The x-axis is labeled "Z value," spanning from -3 to 3, and the y-axis is labeled "Probability," ranging from 0 to 0.45.The shaded orange area under the curve between the Z values of approximately 0 and 1.2 highlights the probability of Z values falling within this range. This visualization helps in understanding how probabilities are distributed across different Z values.#### Table ExplanationBelow the diagram, there's a Standard Normal Table that provides probabilities for different Z values. The table is divided into three columns:- **Z values**: These are the standard scores along the Z-axis under the normal curve.- **Pr(≤Z)**: These are the cumulative probabilities or the probability that a standard normal random variable will be less than or equal to a given Z value.#### Detailed Table Data- **Z = 0.0**: Pr(≤Z) = 0.500- **Z = 0.1**: Pr(≤Z) = 0.540- **Z = 0.2**: Pr(≤Z) = 0.579- **Z = 0.3**: Pr(≤Z) = 0.618- **Z = 0.4**: Pr(≤Z) = 0.655- **Z = 0.5**: Pr(≤Z) = 0.691- **Z = 0.6**: Pr(≤Z) = 0.726- **Z = 0.7**: Pr(≤Z) = 0.758- **Z = 0.8**: Pr(≤Z) = 0.788- **Z = 0.9**: Pr(≤Z) = 0.816- **Z = 1.0**: Pr(≤Z) = 0.841- **Z = 1.1**: Pr(≤Z) = 0.864- **Z = 1.2**: Pr(≤Z) = 0.885- **Z =

Answered: Image /qna-images/answer/c7bce1d1-44e8-41b9-8897-d48fd83bc1b3.jpg

Answered: What should your reorder point be, if…

What should your reorder point be, if you want to have a 95% chance of not running out of products during the lead time? With this reorder level, how much safety stock do you have?

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Similar questions

The number of cans of soft drinks sold in a machine each week is recorded below. Develop forecasts for the period indicated and error calculations. 155, 145, 155, 162, 180, 165, 172, 149, 170, 172 Exponential smoothing. Use an alpha level of .8 What is the forecast for week 10? What is the Mean Absolute Error (MAE)?
How do we set an "alpha level" in science? How is this related to our comparison with a "p-value"?
Accrotime is a manufacturer of watches. Accotime researchers have shown that watches hwe an average life of 28 months before certain electronic components deteriorate causing the watch to become unreliable. The standard deviation of watch lifetimes is 5 months and the distribution is noemal. If Accrotime guarantees a full refund of any defective watch for 1.5 years after the purchase, what percentage of total production will the company expect to replace? Write your answer as a percentage rounded to 1 decimal place. For the toolbar, Press ALT+F10 (PC) or ALT+FN+F10 OMCA) 0 WOAOS POWEASD BY TINY
Please see attached image, I need to create a table showing an exponential smoothing average using the alpha as 0.2 and an assumed forecast for Janaury of year one of 35,000.
IF your mean is 832 and your standard deviation is 86, what values like in the 36% range?? How do you figure it out??