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Consider a cruise liner provisioning a certain consumable item for her next trip. In the first stage, the cruise liner procures from the home port region right before the start of the trip. The unit cost for the item at home port is c1. The trip duration is T days. From the provisioning stand point, the trip is completed in two legs. At the end of the first leg, which takes t1 days, the cruise liner arrives at her port-of-call (midpoint). This is when she has a chance to replenish her inventory for this item. The unit cost at this location is c2, where c2 > c1. In the second leg, which takes t2 days, the liner goes back to the home port to complete her voyage. Clearly, T = t1 + t2. The daily demand for this item during the cruise follows a normal distribution with a mean of µ and a standard deviation of σ. The demand across days are assumed to be independent. Stock-out cost for the liner is p per unit. Any excess inventory at the end of the trip costs h per unit for landing and salvaging. Let y1 and y2 denote the replenishment amounts at home port and port-of-call respectively. Compute the optimal replenishment policy that minimizes the cruise liner’s expected cost.
Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..
Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..
Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..
An analysis of the holding costs, including the appropriate annual holding cost rate.
Briefly explain Evolution and contributor of Operations management.
A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..
Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.
Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.
Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.
Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.
Ccompare the effectiveness of different leadership styles in different organizations
Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.
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