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Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. Item cost $ 12.00 Standard deviation of weekly demand 20 per week Order cost $ 213.00 Lead time 2 weeks Annual holding cost (%) 20 % of item cost Service probability 95 % Annual demand 26,100 Average demand 522 per week a. Determine the order quantity and reorder point. (Use Excel’s NORMSINV( ) function to find your z-value and then round that z-value to 2 decimal places. Do not round any other intermediate calculations. Round your final answers to the nearest whole number.) Optimal order quantity units Reorder point units b. Determine the annual holding and order costs. (Do not round any intermediate calculations. Round your final answers to 2 decimal places.) Holding cost $ Ordering cost $ c. Assume a price break of $55 per order was offered for purchase quantities of 2,300 units per order. If you took advantage of this price break, how much would you save annually? (Do not round any intermediate calculations (including number of setups per year). Round your final answer to 2 decimal places.) Annual savings $
A large bakery opens 365 days per year and buys flour in 25-pound bags. The bakery uses an average of 48,600 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $100 per order. Monthly carrying costs are $1 per bag. D..
Plot the monthly sales data. Forecast January sales using each of the following: Naive method. A 3-month moving average. A 6-month weighted average using .1, .1, .1, .2, .2, and .3, with the heaviest weights applied to the most recent months. Exponen..
Calculate the banks excess reserves. Suppose that the bank sells $5 million in securities to get new cash. Show the bank's balance sheet after this transaction.
Transportation project planning is:
You need to begin negotiating the contracts with the individual teams from each country. United Arab Emirates, Israel, Mexico, and China. What sort of negotiating model would work with each group?
What is the relationship between effective communication and competitive advantage? If you were asked to design a training program to help managers become better communicators, what would you include in the program?
There are three factors that need to be considered in media selection and budgeting. These include
The counter is staffed by only one person and that person works six hours per day. Assume Poisson arrivals and exponential service times.
Explain the differences between nonlinear, integer, and binary programming techniques. Give a brief example of when each would be applicable in modeling. In your opinion, which is the most valuable? Why?
Explain the most important thing you learned from this experience. b. Analyze the strengths in your lesson. c. Analyze the areas of the lesson that need improvement.
Road racing bikes have special seats that are flexible with minimum contact with cyclists. These seats are called toupe saddles. Roscoe Specialty Equipment makes 100 of these seats per day with the following resources. Labor: 40 hours per day @ $15.0..
What is the best decision based on an expected monetary value criterion? (Note: You want the lowest EMV because we are dealing with costs in this problem.)
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