Practical Management Science, Loose-leaf Version
Practical Management Science, Loose-leaf Version
5th Edition
ISBN: 9781305631540
Author: WINSTON, Wayne L.; Albright, S. Christian
Publisher: Cengage Learning
Question
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Chapter 12, Problem 44P

a)

Summary Introduction

To determine: The optimal ordering policy for known lead time and when the lead time is uncertain.

Inventory and supply chain models:

The functions of inventory and supply chain are one of the most important business decision areas for an organization. The first important aspect of these concepts is to have adequate inventory on hand. The second important aspect is to carry a little amount of inventory as possible.

b)

Summary Introduction

To determine: The determine the total annual cost difference when L is known and when L is uncertain and the reason why the cost is greater in the uncertain case.

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