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Part A
Wagga Industrial Electronics Distributors (WIED) is involved in distributing electronic components to a range of commercial customers. The average demand for a particular item of inventory is 720 units per day. The item is sold at a cost of $20.00 a unit from Regional Computing Components. The holding cost is 22% per unit per year. It has been established that the cost of each order in the organisation is $250.00 per order. What is the economic order quantity and the total cost for this policy?
A second supplier, Regional Computer Bits, (RBC) intends to sell this item at a cost that is lower ($19.00 per unit). But the minimum order quantity for each order is 10,000 units. Should this item be bought from RCB or WIED (Assume a 5-day working week, and 50 working weeks a year)
Part B
Explain how such a basic mathematical model used in this question (the EOQ or Quantity Discount modes) can be altered to make it more realistic to include features of safety stock and re-order points.Part C
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