Define what happens to the ordering and holding costs

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Reference no: EM13720247

Question- For each scenario in the below table, run 30 simulations and report the overall mean service level and the estimated total cost. Does this new reorder point achieve the desired service level of .9? If so, which scenario would you recommend? As the order size increases, what happens to the ordering and holding costs?

Simulation Results

Element	Element	Statistics	Overall	Simulation number(s)
types	names		means	1	2	3	4	5

Work Station(s)	Delivery	Final status		Working	Working	Working	Working	Working
		Final inventory (int. but)	0.16	0	0	0	0	0
		Mean inventory (int. buff.)	2.9	3.37	3.39	2.71	2.68	2.71
		Mean cycle time (int inv.)	7.27	8.24	8.29	6.64	6.55	6.64
		Work cycles started	8."	8	8	8	8	8
		Fraction time working	0.6	0.60	0.63	0.66	0.66	0.68
		Fraction time blocked	0.35	0.40	0.37	0.34	0.34	0.32

Buffer(s)	Factory	Objects leaving	280.01	280	280	280	280	280
		Final inventory	720.1¹	720	720	720	720	720
		Minimum inventory	720.00	720	720	720	720	720
		Maximum inventory	1000.11	1000	1000	1000	1000	1000
		Mean inventory	853.41	858.89	858.25	853.02	848.12	848.74
		Mean cycle time	1828.73	1840.48	1839.11	1827.90	1817.40	1818.74

	Reorder Point	Objects leaving	260.81	248	261	265	265	265
		Final inventory	4.21	17	4	0	0	0
		Minimum inventory	0.00	0	0	0	0	0
		Maximum inventory	20.00	20	20	20	20	20
		Mean inventory	12.4	12.78	13.19	11.92	12.53	11.83
		Mean cycle time	28.68	30.93	30.32	27.00	28.36	26.80

Exit(s)	Purchase Requests	Objects leaving process	260.80	248	261	265	265	265
		Object departures missed	46.4 r	57	25	48	46	56
		Service level	0.85	0.81	0.91	0.85	0.85	0.83

Reference no: EM13720247

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