Approach to restocking a certain raw material

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A shop owner uses a reorder point approach to restocking a certain raw material. Lead time is six days. Usage of the material during lead time is normally distributed with a mean of 42 pounds and a standard deviation of four pounds. When should the raw material be reordered if the acceptable risk of a stock out is 3 percent?

Reference no: EM13820369

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Approach to restocking a certain raw material : A shop owner uses a reorder point approach to restocking a certain raw material. Lead time is six days. Usage of the material during lead time is normally distributed with a mean of 42 pounds and a standard deviation of four pounds. When should the r..

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