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An auto parts supplier sells Hardy-brand batteries to car dealers and auto mechanics. The annual demand is approximately 1,200 batteries. The supplier pays $28 for each battery and estimates that the annual holding cost is 30 percent of the battery's value. It costs approximately $20 to place an order (managerial and clerical costs). Upon closer inspection, the supplier determines that the demand for batteries is normally distributed with mean 4 batteries per day and a standard deviation of 3 batteries per day. (The supplier is open 300 days per year.) It usually takes about 4 days to receive an order from the factory.
a. Determine Economic order quantity.
b. What is the standard deviation of usage during the lead time?
c. Determine the reorder point needed to achieve a service level of 95 percent. What is the safety stock? What is the holding cost associated with this safety stock?
d. How would your analysis change if the service level changed to 98 percent?
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