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Answer Step by Step
Consider the inventory policy in a HP case. HP is now focusing its attention on two products for the European market: Product AB and Product AU. The monthly demand for Product AB is normally distributed with a mean of 15830.1 and a standard deviation of 2812.3; the monthly demand for Product AU is normally distributed with a mean of 4208 and a standard deviation of 1102.3. Since these products are high demand products, HP is considering moving to a continuous review policy for these two products. Suppose the fixed cost of placing and handling an order for Product AB is $1800 while that for Product AU is $3180. The replenishment lead-time for either product is 5 weeks. The annual holding cost is $48 for each product, and the per unit shortage cost is $267. HP uses a fillrate target of 98% for these products. Assume 4 weeks per month and 12 months per year.
i) What is the optimal order size for Product AB? And what is the optimal order size for Product AU?
Q-AB = 3775
Q-AU = 2587
ii) What is the optimal reorder point for Product AB? And what is the optimal reorder point for Product AU?
iii) What is the total cost associated with these decisions for Product AB? And what is the total cost associated with these decisions for Product AU?
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