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A supplier always avoids shortages with overtime production. The company follows a base-stock policy, but the oeprations manager must decide what base-stocke level is optimal. Demand is normally distributed with mean 5000 and standard deviation of 600. The holding cost is $.50 per period per unit but if there is a shorgage, the supplier must run overtime production with a fixed cost of $300 and an extra cost perusnit of $2.50. The product can be produced in any quantitiy during regular or overtime productioin. By simulating nubmersious times ,determine the base-stock level that minimizes the average holding/overtime production cost per period. a) What are the best base-stock level. B) the corrsponding average ocost per period? C) During what proportion of periods is overtime produciton required (for the best base stock level)?
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