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Star Industries Pte Ltd uses ABC classification to differentiate the items it keeps in stock. The company uses a continuous review system for all the SKUs classified as 'A' items. The characteristics of one such item are as follows:
Demand (D) = 64 units/week (Assume 52 weeks per year) Ordering or setup cost (S) = $50/order Holding cost (H) = $13/unit/year Unit cost (C) = $1000 Lead time (L) = 2 weeks Standard deviation of weekly demand = 12 units Cycle-service level = 88%
a) Examine the inventory situation of Star Industries by calculating the following: EOQ for this item Desired safety stock Reorder point The current policy for this item is Q = 200 and R = 180. Comment on the cost implications of the current policy compared to the optimal policy, without calculating the cost of the policies.
b) Due to anticipation of greater demand uncertainty in the coming months, Star Industries decides to change the cycle-service level to 95%. Examine the impact on safety stock level and reorder point.
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