The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined. Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

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Answer 1

Question

Chapter 5, Problem 28AP

a.

Summary Introduction

Interpretation: The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined.

Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

a.

Expert Solution

Explanation of Solution

In this model, every period starts with zero initial inventory (the previous left over inventory, if any, is unusable.
The demand, though varying, follows a certain probability distribution.
The model mathematically optimizes the ordering quantity to minimize loss due to unsold items at the end of the single period. The model takes into consideration the cost, the selling price and the resulting loss per unit of the item.

B.

Summary Introduction

Interpretation:The inventory control model for a white oil-based paint with an almost regular demand is to be identified.

Concept Introduction: A regular EOQ model (economic order quantity) is available for items with a steady demand and price. Economic order quantity balances the ordering costs v/s the inventory holding costs of the inventory items. This is through a mathematical calculation which takes into account the ordering costs, the holding costs, the annual demand etc.

This model is suitable for non-perishable items with relatively stable demand and regular lead time.

B.

Expert Solution

Explanation of Solution

All parameters for calculating the EOQ are available (except the holding rate which is normally known).
EOQ model is the right choice.

C.

Summary Introduction

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

C.

Expert Solution

Explanation of Solution

Q, R model with a service level of 2 shall be appropriate for this case.
Service level 2 is suggested because, the chances of a stock out look to be remote.

D.

Summary Introduction

Interpretation:The inventory control model to be used for synthetic paint brushes with a steady demand with good profit margin is to be identified.

Concept Introduction: In this case of a steady demand item (and most probably a small value item-may be a B item), there is the additional offer of a discount for higher quantity orders.

D.

Expert Solution

Explanation of Solution

A low value item; goes for EOQ model; buy a higher quantity to get discounts.
In fact, since the demand and prices are steady, whole year’s requirement should be procured once.

E.

Summary Introduction

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

E.

Expert Solution

Explanation of Solution

A low value item; place one yearly order with quantity discounts.
Arrange for staggered 4 or 6 monthly dispatches after review.
The item is not perishable. Even if some extra inventory is held, it would hardly affect.

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Students have asked these similar questions

Sam's Pet Hotel operates 51 weeks per year, 6 days per week, and uses a continuous review inventory system. It purchases kitty litter for $11.00 per bag. The following information is available about these bags: > Demand 95 bags/week > Order cost $52.00/order > Annual holding cost = 25 percent of cost > Desired cycle-service level = 80 percent >Lead time 4 weeks (24 working days) > Standard deviation of weekly demand = 15 bags > Current on-hand inventory is 320 bags, with no open orders or backorders. a. Suppose that the weekly demand forecast of 95 bags is incorrect and actual demand averages only 75 bags per week. How much higher will total costs be, owing to the distorted EOQ caused by this forecast error? The costs will be $ higher owing to the error in EOQ. (Enter your response rounded to two decimal places.)

Sam's Pet Hotel operates 50 weeks per year, 6 days per week, and uses a continuous review inventory system. It purchases kitty litter for $10.50 per bag. The following information is available about these bags: > Demand = 95 bags/week > Order cost = $55.00/order > Annual holding cost = 35 percent of cost > Desired cycle-service level = 80 percent > Lead time = 4 weeks (24 working days) > Standard deviation of weekly demand = 15 bags > Current on-hand inventory is 320 bags, with no open orders or backorders. a. Suppose that the weekly demand forecast of 95 bags is incorrect and actual demand averages only 75 bags per week. How much higher will total costs be, owing to the distorted EOQ caused by this forecast error? The costs will be $ 10.64 higher owing to the error in EOQ. (Enter your response rounded to two decimal places.) b. Suppose that actual demand is 75 bags but that ordering costs are cut to only $13.00 by using the internet to automate order placing. However, the buyer does…

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Answer 2

Question

Chapter 5, Problem 28AP

a.

Summary Introduction

Interpretation: The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined.

Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

a.

Expert Solution

Explanation of Solution

In this model, every period starts with zero initial inventory (the previous left over inventory, if any, is unusable.
The demand, though varying, follows a certain probability distribution.
The model mathematically optimizes the ordering quantity to minimize loss due to unsold items at the end of the single period. The model takes into consideration the cost, the selling price and the resulting loss per unit of the item.

B.

Summary Introduction

Interpretation:The inventory control model for a white oil-based paint with an almost regular demand is to be identified.

Concept Introduction: A regular EOQ model (economic order quantity) is available for items with a steady demand and price. Economic order quantity balances the ordering costs v/s the inventory holding costs of the inventory items. This is through a mathematical calculation which takes into account the ordering costs, the holding costs, the annual demand etc.

This model is suitable for non-perishable items with relatively stable demand and regular lead time.

B.

Expert Solution

Explanation of Solution

All parameters for calculating the EOQ are available (except the holding rate which is normally known).
EOQ model is the right choice.

C.

Summary Introduction

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

C.

Expert Solution

Explanation of Solution

Q, R model with a service level of 2 shall be appropriate for this case.
Service level 2 is suggested because, the chances of a stock out look to be remote.

D.

Summary Introduction

Interpretation:The inventory control model to be used for synthetic paint brushes with a steady demand with good profit margin is to be identified.

Concept Introduction: In this case of a steady demand item (and most probably a small value item-may be a B item), there is the additional offer of a discount for higher quantity orders.

D.

Expert Solution

Explanation of Solution

A low value item; goes for EOQ model; buy a higher quantity to get discounts.
In fact, since the demand and prices are steady, whole year’s requirement should be procured once.

E.

Summary Introduction

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

E.

Expert Solution

Explanation of Solution

A low value item; place one yearly order with quantity discounts.
Arrange for staggered 4 or 6 monthly dispatches after review.
The item is not perishable. Even if some extra inventory is held, it would hardly affect.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 5, Problem 28AP

a.

Summary Introduction

Interpretation: The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined.

Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

a.

Expert Solution

Explanation of Solution

In this model, every period starts with zero initial inventory (the previous left over inventory, if any, is unusable.
The demand, though varying, follows a certain probability distribution.
The model mathematically optimizes the ordering quantity to minimize loss due to unsold items at the end of the single period. The model takes into consideration the cost, the selling price and the resulting loss per unit of the item.

B.

Summary Introduction

Interpretation:The inventory control model for a white oil-based paint with an almost regular demand is to be identified.

Concept Introduction: A regular EOQ model (economic order quantity) is available for items with a steady demand and price. Economic order quantity balances the ordering costs v/s the inventory holding costs of the inventory items. This is through a mathematical calculation which takes into account the ordering costs, the holding costs, the annual demand etc.

This model is suitable for non-perishable items with relatively stable demand and regular lead time.

B.

Expert Solution

Explanation of Solution

All parameters for calculating the EOQ are available (except the holding rate which is normally known).
EOQ model is the right choice.

C.

Summary Introduction

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

C.

Expert Solution

Explanation of Solution

Q, R model with a service level of 2 shall be appropriate for this case.
Service level 2 is suggested because, the chances of a stock out look to be remote.

D.

Summary Introduction

Interpretation:The inventory control model to be used for synthetic paint brushes with a steady demand with good profit margin is to be identified.

Concept Introduction: In this case of a steady demand item (and most probably a small value item-may be a B item), there is the additional offer of a discount for higher quantity orders.

D.

Expert Solution

Explanation of Solution

A low value item; goes for EOQ model; buy a higher quantity to get discounts.
In fact, since the demand and prices are steady, whole year’s requirement should be procured once.

E.

Summary Introduction

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

E.

Expert Solution

Explanation of Solution

A low value item; place one yearly order with quantity discounts.
Arrange for staggered 4 or 6 monthly dispatches after review.
The item is not perishable. Even if some extra inventory is held, it would hardly affect.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 5, Problem 28AP

a.

Summary Introduction

Interpretation: The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined.

Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

a.

Expert Solution

Explanation of Solution

In this model, every period starts with zero initial inventory (the previous left over inventory, if any, is unusable.
The demand, though varying, follows a certain probability distribution.
The model mathematically optimizes the ordering quantity to minimize loss due to unsold items at the end of the single period. The model takes into consideration the cost, the selling price and the resulting loss per unit of the item.

B.

Summary Introduction

Interpretation:The inventory control model for a white oil-based paint with an almost regular demand is to be identified.

Concept Introduction: A regular EOQ model (economic order quantity) is available for items with a steady demand and price. Economic order quantity balances the ordering costs v/s the inventory holding costs of the inventory items. This is through a mathematical calculation which takes into account the ordering costs, the holding costs, the annual demand etc.

This model is suitable for non-perishable items with relatively stable demand and regular lead time.

B.

Expert Solution

Explanation of Solution

All parameters for calculating the EOQ are available (except the holding rate which is normally known).
EOQ model is the right choice.

C.

Summary Introduction

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

C.

Expert Solution

Explanation of Solution

Q, R model with a service level of 2 shall be appropriate for this case.
Service level 2 is suggested because, the chances of a stock out look to be remote.

D.

Summary Introduction

Interpretation:The inventory control model to be used for synthetic paint brushes with a steady demand with good profit margin is to be identified.

Concept Introduction: In this case of a steady demand item (and most probably a small value item-may be a B item), there is the additional offer of a discount for higher quantity orders.

D.

Expert Solution

Explanation of Solution

A low value item; goes for EOQ model; buy a higher quantity to get discounts.
In fact, since the demand and prices are steady, whole year’s requirement should be procured once.

E.

Summary Introduction

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

E.

Expert Solution

Explanation of Solution

A low value item; place one yearly order with quantity discounts.
Arrange for staggered 4 or 6 monthly dispatches after review.
The item is not perishable. Even if some extra inventory is held, it would hardly affect.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 5, Problem 28AP

a.

Summary Introduction

Interpretation: The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined.

Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

a.

Expert Solution

Explanation of Solution

In this model, every period starts with zero initial inventory (the previous left over inventory, if any, is unusable.
The demand, though varying, follows a certain probability distribution.
The model mathematically optimizes the ordering quantity to minimize loss due to unsold items at the end of the single period. The model takes into consideration the cost, the selling price and the resulting loss per unit of the item.

B.

Summary Introduction

Interpretation:The inventory control model for a white oil-based paint with an almost regular demand is to be identified.

Concept Introduction: A regular EOQ model (economic order quantity) is available for items with a steady demand and price. Economic order quantity balances the ordering costs v/s the inventory holding costs of the inventory items. This is through a mathematical calculation which takes into account the ordering costs, the holding costs, the annual demand etc.

This model is suitable for non-perishable items with relatively stable demand and regular lead time.

B.

Expert Solution

Explanation of Solution

All parameters for calculating the EOQ are available (except the holding rate which is normally known).
EOQ model is the right choice.

C.

Summary Introduction

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

C.

Expert Solution

Explanation of Solution

Q, R model with a service level of 2 shall be appropriate for this case.
Service level 2 is suggested because, the chances of a stock out look to be remote.

D.

Summary Introduction

Interpretation:The inventory control model to be used for synthetic paint brushes with a steady demand with good profit margin is to be identified.

Concept Introduction: In this case of a steady demand item (and most probably a small value item-may be a B item), there is the additional offer of a discount for higher quantity orders.

D.

Expert Solution

Explanation of Solution

A low value item; goes for EOQ model; buy a higher quantity to get discounts.
In fact, since the demand and prices are steady, whole year’s requirement should be procured once.

E.

Summary Introduction

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

E.

Expert Solution

Explanation of Solution

A low value item; place one yearly order with quantity discounts.
Arrange for staggered 4 or 6 monthly dispatches after review.
The item is not perishable. Even if some extra inventory is held, it would hardly affect.

Answer 6

Chapter 5, Problem 28AP

a.

Summary Introduction

Interpretation: The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined.

Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

a.

Expert Solution

Explanation of Solution

In this model, every period starts with zero initial inventory (the previous left over inventory, if any, is unusable.
The demand, though varying, follows a certain probability distribution.
The model mathematically optimizes the ordering quantity to minimize loss due to unsold items at the end of the single period. The model takes into consideration the cost, the selling price and the resulting loss per unit of the item.

Answer 7

Chapter 5, Problem 28AP

a.

Summary Introduction

Interpretation: The inventory control model for a highly volatile paint thinner having a shelf life of only 3 months and significant variations in demand pattern is to be determined.

Concept Introduction: This is thecase of a perishable product, ordered in a single period; with variations in demand during the single period. This is a case for application of Newsvendor model. Just as a newspaper becomes useless at the end of the day; the thinner will become useless after three months i.e. the ordering period.

Answer 8

a.

Expert Solution

Explanation of Solution

In this model, every period starts with zero initial inventory (the previous left over inventory, if any, is unusable.
The demand, though varying, follows a certain probability distribution.
The model mathematically optimizes the ordering quantity to minimize loss due to unsold items at the end of the single period. The model takes into consideration the cost, the selling price and the resulting loss per unit of the item.

Answer 9

a.

Expert Solution

Answer 10

a.

Expert Solution

Answer 11

Expert Solution

Answer 12

B.

Summary Introduction

Interpretation:The inventory control model for a white oil-based paint with an almost regular demand is to be identified.

Concept Introduction: A regular EOQ model (economic order quantity) is available for items with a steady demand and price. Economic order quantity balances the ordering costs v/s the inventory holding costs of the inventory items. This is through a mathematical calculation which takes into account the ordering costs, the holding costs, the annual demand etc.

This model is suitable for non-perishable items with relatively stable demand and regular lead time.

B.

Expert Solution

Explanation of Solution

All parameters for calculating the EOQ are available (except the holding rate which is normally known).
EOQ model is the right choice.

Answer 13

B.

Summary Introduction

Interpretation:The inventory control model for a white oil-based paint with an almost regular demand is to be identified.

Concept Introduction: A regular EOQ model (economic order quantity) is available for items with a steady demand and price. Economic order quantity balances the ordering costs v/s the inventory holding costs of the inventory items. This is through a mathematical calculation which takes into account the ordering costs, the holding costs, the annual demand etc.

This model is suitable for non-perishable items with relatively stable demand and regular lead time.

Answer 14

B.

Expert Solution

Explanation of Solution

All parameters for calculating the EOQ are available (except the holding rate which is normally known).
EOQ model is the right choice.

Answer 15

B.

Expert Solution

Answer 16

B.

Expert Solution

Answer 17

Expert Solution

Answer 18

C.

Summary Introduction

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

C.

Expert Solution

Explanation of Solution

Q, R model with a service level of 2 shall be appropriate for this case.
Service level 2 is suggested because, the chances of a stock out look to be remote.

Answer 19

C.

Summary Introduction

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

Answer 20

C.

Expert Solution

Explanation of Solution

Q, R model with a service level of 2 shall be appropriate for this case.
Service level 2 is suggested because, the chances of a stock out look to be remote.

Answer 21

C.

Expert Solution

Answer 22

C.

Expert Solution

Answer 23

Expert Solution

Answer 24

D.

Summary Introduction

Interpretation:The inventory control model to be used for synthetic paint brushes with a steady demand with good profit margin is to be identified.

Concept Introduction: In this case of a steady demand item (and most probably a small value item-may be a B item), there is the additional offer of a discount for higher quantity orders.

D.

Expert Solution

Explanation of Solution

A low value item; goes for EOQ model; buy a higher quantity to get discounts.
In fact, since the demand and prices are steady, whole year’s requirement should be procured once.

Answer 25

D.

Summary Introduction

Interpretation:The inventory control model to be used for synthetic paint brushes with a steady demand with good profit margin is to be identified.

Concept Introduction: In this case of a steady demand item (and most probably a small value item-may be a B item), there is the additional offer of a discount for higher quantity orders.

Answer 26

D.

Expert Solution

Explanation of Solution

A low value item; goes for EOQ model; buy a higher quantity to get discounts.
In fact, since the demand and prices are steady, whole year’s requirement should be procured once.

Answer 27

D.

Expert Solution

Answer 28

D.

Expert Solution

Answer 29

Expert Solution

Answer 30

E.

Summary Introduction

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

E.

Expert Solution

Explanation of Solution

A low value item; place one yearly order with quantity discounts.
Arrange for staggered 4 or 6 monthly dispatches after review.
The item is not perishable. Even if some extra inventory is held, it would hardly affect.

Answer 31

E.

Summary Introduction

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

Answer 32

E.

Expert Solution

Explanation of Solution

A low value item; place one yearly order with quantity discounts.
Arrange for staggered 4 or 6 monthly dispatches after review.
The item is not perishable. Even if some extra inventory is held, it would hardly affect.

Answer 33

E.

Expert Solution

Answer 34

E.

Expert Solution

Answer 35

Expert Solution

Answer 36

Ch. 5.2 - Prob. 1P Ch. 5.2 - Prob. 2P Ch. 5.2 - Prob. 4P Ch. 5.3 - Prob. 7P Ch. 5.3 - Prob. 9P Ch. 5.3 - Prob. 12P Ch. 5.5 - Prob. 16P Ch. 5.5 - Prob. 18P Ch. 5.6 - Prob. 21P Ch. 5.7 - Prob. 24P

Concept explainers

Videos

Explanation of Solution

Explanation of Solution

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

Explanation of Solution

Explanation of Solution

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

Explanation of Solution

Want to see more full solutions like this?

Chapter 5 Solutions

Concept explainers

Videos

Explanation of Solution

Explanation of Solution

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified. Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

Explanation of Solution

Explanation of Solution

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified. Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.

Explanation of Solution

Want to see more full solutions like this?

Chapter 5 Solutions

Interpretation:The inventory control model to be used for burnt sienna oil paint, having a variable demand is to be identified.

Concept Introduction: Q, R models with various options are available for items with varying demands. The items are sold during their lifetime.

Interpretation:The inventory control model to be used for camel hair brushes with a variable demand, price discounts is to be identified.

Concept Introduction: This again is a low value and low space requiring item andcarrying somewhat extra inventory will not hurt.