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Foster Drugs, Inc., handles a variety of health and beauty products. A particular hair conditioner costs Foster Drugs $2.95 per unit. The annual holding cost rate is 20% of the value of the hair conditioner. Every week, Foster Drugs experiences demand for 150 units of this hair conditioner.
a. Now assume that Foster Drugs’ supplier has lead time of 1 week in getting a shipment processed and delivered and the weekly demand described above is normally distributed with an average of 150 units and a standard deviation of 40 units. What is the firm’s reorder point if they are willing to tolerate a stockout of 1% in any one cycle?
b. Assuming that the safety stock found in part c. is kept as a constant buffer throughout the course of the year, how much does this increase Foster Drugs holding cost by (compared to a model when demand is deterministic)?
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