Factors need to be determined which can explain the impact of the manufacturing sector in the U.S. economy in the future. Concept Introduction: Manufacturing involves the conversion of raw materials into finished goods by using various resources such as human labor, machinery, tools, etc. Manufacturing is a value-adding process which can accelerate the growth of all parties involves such as human resource, organization, country’s economy.

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You may need to use the appropriate technology to answer this question. An event hall that hosts public lectures, book readings, poetry slams, and other similar events uses a one-week periodic review inventory system for the throat lozenges that it stocks for its patrons. A two-day lead time is needed for any order, and the event hall is willing to tolerate an average of one stock-out per year. (a) Using the event hall's service guideline, what is the probability of a stock-out associated with each replenishment decision? (Round your answer to four decimal places.) (b) What is the replenishment level if demand during the review period plus lead-time period is normally distributed with a mean of 50 units and a standard deviation of 12 units? (Round your answer to the nearest integer.) (c) What is the replenishment level if demand during the review period plus lead-time period is uniformly distributed between 45 and 95 units? (Round your answer to the nearest integer.)

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Chapter 1, Problem 4DQ

Summary Introduction

Interpretation: Factors need to be determined which can explain the impact of the manufacturing sector in the U.S. economy in the future.

Concept Introduction: Manufacturing involves the conversion of raw materials into finished goods by using various resources such as human labor, machinery, tools, etc. Manufacturing is a value-adding process which can accelerate the growth of all parties involves such as human resource, organization, country’s economy.

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You may need to use the appropriate technology to answer this question. An event hall that hosts public lectures, book readings, poetry slams, and other similar events uses a one-week periodic review inventory system for the throat lozenges that it stocks for its patrons. A two-day lead time is needed for any order, and the event hall is willing to tolerate an average of one stock-out per year. (a) Using the event hall's service guideline, what is the probability of a stock-out associated with each replenishment decision? (Round your answer to four decimal places.) (b) What is the replenishment level if demand during the review period plus lead-time period is normally distributed with a mean of 50 units and a standard deviation of 12 units? (Round your answer to the nearest integer.) (c) What is the replenishment level if demand during the review period plus lead-time period is uniformly distributed between 45 and 95 units? (Round your answer to the nearest integer.)

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The annual requirements for a particular raw material are 2,000 units costing Re. 1 each to the manufacturer. The ordering cost is Rs. 10 per order and the carrying cost 16% per annum of the average inventory value. Find and explain the economic order quantity and the total inventory cost per annum.