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Suppose you are hired by SpiceJet airline as a logistics manager. You estimate the weekly demand for orange juice is 15,000 liters and it costs you 60 cents a liter. Your cost of holding juice in inventory is 40 percent of its cost and cost of ordering and replenishment is $120 per replenishment. Your supervisor followed a simple rule of thumb and placed orders every 6 weeks. The lead time is 2 weeks. Assume 52 weeks a year and inventory carrying cost to be 40% of the cost of juice. Calculate the following: a. Order size in liters b. Number of orders per pear c. Time between orders d. Maximum, minimum, and average inventory level. e. Reorder point f. Annual cost of ordering, inventory carrying, and the total of the two costs. g. Based on your knowledge of inventory management, determine: i. Optimal order quantity. ii. Number of orders per year iii. Time between orders iv. Maximum, minimum, and average inventory level. v. Annual cost of ordering, inventory carrying, and the total of the two costs. vi. Do you save in annual costs and by how much?
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