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Develop an inventory ordering policy

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Dunstreet's Department Store would like to develop an inventory ordering policy with a 98 percent probability of not stocking out. To illustrate your recommended procedure, use as an example the ordering policy for white percale sheets.

Demand for white percale sheets is 3,200 per year. The store is open 365 days per year. Every two weeks (14 days) inventory is counted and a new order is placed. It takes 13 days for the sheets to be delivered. Standard deviation of demand for the sheets is three per day. There are currently 110 sheets on-hand.

How many sheets should you order? (Use Excel's NORM.S.INV() function to find the z value. Do not round intermediate calculations. Round z value to 2 decimal places and final answer to the nearest whole number.)

Reference no: EM132903898

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