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A manufacturing company would like to review the production policy for one of its popular refrigerator models. The demand for this model is relatively stable and even, with about 30,000 units per year and the production capacity is 200 units per day. Each time production starts, it costs the company $120 to clean the equipment and reset the assembly line. The annual holding cost of a refrigerator is $50. The current policy calls for 400 units of this model to be produced in each production run. Assuming 300 working days per year, answer the following questions.
(i) Under the current production policy, how many production runs per year are needed? What would the total annual set up cost be?
(ii) If the current policy is to continue, how many units of inventory would be in stock at the end of each production run? What would the average inventory level be?
(iii) If the manufacturer wants to minimize the annual inventory costs, how many units of this refrigerator model should be produced in each run? How does the total inventory cost associated with this new production batch size (i.e. the quantity produced in each production run) compare against the total inventory cost under the existing production policy?
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