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Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year.
Item cost $ 7.00
Standard deviation of weekly demand 20 per week
Order cost $ 261.00
Lead time 3 weeks
Annual holding cost (%) 34 % of item cost
Service probability 99 %
Annual demand 27,800
Average demand 556 per week
a. Determine the order quantity and reorder point. (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final answer to the nearest whole number.)
Optimal order quantity........ units
Reorder point ....... units
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