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A product with an annual demand of 1300 units has Co = $24.5 and Ch = $7. The demand exhibits some variability such that the lead-time demand follows a normal probability distribution with µ = 27 and σ = 5.
a. What is the recommended order quantity? If required, round your answer to two decimal places.
b. What are the reorder point and safety stock if the firm desires at most a 2% probability of stock-out on any given order cycle? If required, round your answers to the nearest whole number.
c. If a manager sets the reorder point at 31, what is the probability of a stock-out on any given order cycle? If required, round your answer to four decimal places.
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