What is the time between the placing of orders

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Reference no: EM133784085

Problem: Operations Research

This problem is for Operations Research Instructions CO-7: Summarize in detail the concepts of aggregate planning and master scheduling. CO-8: Describe the activities involved with initiating and controlling production activities, including measuring performance, flow-shop scheduling, job-shop challenges, and machine scheduling. The annual requirements for a particular raw material are 2,000 units costing Re. 1 each to the manufacturer. The ordering cost is Rs. 10 per order and the carrying cost 16% per annum of the average inventory value.

I. Based on the above Find and explain the economic order quantity and the total inventory cost per annum. The costs of placing an order are Rs. 150 per order. It is estimated that 1000 units will be used in the next 12 months. The carrying cost per month is Rs. 2.50. Assuming that the demand is deterministic and continuous and that no stock-outs are allowed, determine the optimal order quantity.

II. Based on the above, explain the following: What is the time between the placing of orders? The procurement lead time is one month. What is the re-order point based on the on-hand inventory level?

Reference no: EM133784085

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