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Annual demand for number 2 pencils at the campus store is normally distributed with mean 1,000 and standard deviation 250. The store purchases the pencils for 6 cents each and sells them for 20 cents each. There is a two-month lead time from the initiation to the receipt of an order. The store accountant estimates that the cost in employee time for performing the necessary paperwork to initiate and receive an order is $20, and recommends a 22% annual interest rate for determining holding cost. The cost of a stockout is the cost of lost profit plus an additional 20 cents per pencil, which represents the cost of loss of goodwill. a. Find the optimal values of Q and R. b. Substitute a Type 1 service level criterion of 95% for the stock-out cost. Find the values of Q and R. c. Substitute a Type 2 service level criterion of 98% for the stock-out cost. Assume that Q is given by the EOQ. Find the values of Q and R.
A special coffeehouse sells Colombian coffee at a fairly steady reat of 30 pounds per month. The beans are purchased from a local supplier for $3.20 per pound. The coffeehouse esti
It seems common in many of todays workplaces that people dont actually talk to one another frequently. We rely on e-mail, or the even less rich communication channel of text messag
What do you mean by operations strategy? Explain in brief.
Tell me what the organizational structure of your (Ideal) work location would look like, using the terminology of this chapter 17. Use terms like mechanistic, organic, open, closed
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Evidence-based HR provides managers with data to make decisions, instead of just relying on intuition. True False
State the term capacity. Capacity: It is the capability of an operation to do and produce. The maximum restriction to the volume of product or service an organisation can
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