Children's art sets are ordered twice each year by KINGSWAY Company and the reorder point, without safety stock, is 100 art sets. Inventory carrying costs is P10.00/set/year and the cost of a stockout is P50.00/set/year. Given the following demand probabilities during the lead time, how much safety stock should be carried? Demand (Units) PROBABILITY 0.1 50 0.2 100 0.4 150 0.2 200 0.1
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- Children’s art sets are ordered once each year by AshokKumar, Inc., and the reorder point, without safety stock ( dL ),is 100 art sets. Inventory carrying cost is $10 per set per year, and the cost of a stockout is $50 per set per year. Given the fol-lowing demand probabilities during the lead time, how much safety stock should be carried? DEMAND DURING LEAD TIME PROBABILITY0 .150 .2ROP S 100 .4150 .2200 .11.0A company stocks an SKU with a weekly demand of 600 units and a lead time of4 weeks. Management will tolerate one stockout per year. If sigma for the lead timeis 100 and the order quantity is 2500 units, what is the safety stock, the averageinventory, and the order point?AaBbCc AaBbCc AaBbCc No Spacing Normal Reuse Heading 1 Replace Files Paragraph Styles Editing Reuse Files Item SKU A3378 has a demand that is normally distributed during the lead time, with a mean of 360 units and standard deviation of 12. If Hinsdale cannot have stockouts in more than 10% of the time in any order, how much safety stock should be maintained and at what reorder point? 1. SKU F5402: daily demand is normally distributed with a mean of 16, standard deviation of 4, lead time is 4 days, and must operate at a 95% service level. 2. SKU B7319: daily demand is constant at 24 units per day, lead time is normally with a mean of 6 days and standard deviation of 2 days, and must operate at a 95% service level. 3. SKU F9004: daily demand is normally distributed with a mean of 21 units and a standard deviation of 3 days. The lead time is also normally distributed with a mean of 4 days, standard deviation of 2 days, and a service level of 90% is required. dictions: On acer %24 4. % &…
- 5. A product has an average daily demand of 400 units with standard deviation of 10.0 units. Lead-time is 1 day. If management would like to satisfy all demand in 80% of the cycles, what is the reorder point? 6. A product sells for $24 per unit and costs the retailer $12 per unit, unsold units by the end of the season are salvaged for $7.0. Demand is normally distributed with a mean of 1000 units and standard deviation of 100 units. How many units should the retailer order? 7. A product sells for $24 per unit and costs the retailer $12 per unit, unsold units by the end of the season are salvaged for $9.0. Demand is normally distributed with a mean of 1000 units and standard deviation of 100 units. How many units should the retailer order?Discount-Mart, a major East Coast retailer, wants todetermine the economic order quantity (see Chapter 12 for EOQformulas) for its halogen lamps. It currently buys all halogenlamps from Specialty Lighting Manufacturers in Atlanta. Annualdemand is 2,000 lamps, ordering cost per order is $30, and annualcarrying cost per lamp is $12. a) What is the EOQ?b) What are the total annual costs of holding and ordering(managing) this inventory?c) How many orders should Discount-Mart place with SpecialtyLighting per year?You are a newsvendor selling the San Pedro Times every morning. Before you get to work, you go to the printer and buy the day's paper for $0.25 a copy. You sell a copy of the San Pedro Times for $1.30. Daily demand is distributed normally with mean = 260 and standard deviation = 46. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of the San Pedro Times should you buy each morning? Note: Use Excel's NORM.S.INV() function to find the z value. Round your z value and service level to 2 decimal places and final answer to the nearest whole number. Optimal order quantity b. Based on a, what is the probability that you will run out of stock? Note: Round your answer to the nearest whole percent. Probability %
- It is your responsibility, as the new head of the automotive section of Nichols Department Store, to ensure that reorder quantities for the various items have been correctly established. You decide to test one item and choose Michelin tires, XW size 185 × 14 BSW. A perpetual inventory system has been used, so you examine this as well as other records and come up with the following data: Cost per tire $35 each Holding cost 20 percent of tire cost per year Demand 1,000 per year Ordering cost $20 per order Standard deviation of daily demand 3 tires Delivery lead time 4 days Because customers generally do not wait for tires but go elsewhere, you decide on a service probability of 98 percent. Assume the demand occurs 365 days per year. Determine the order quantity. Note: Round your answer to the nearest whole number. Determine the reorder point. Note: Use Excel's NORM.S.INV() function to find the z value. Round z value to 2 decimal places and final answer to the…You are a newsvendor selling the San Pedro Times every morning. Before you get to work, you go to the printer and buy the day’s paper for $0.25 a copy. You sell a copy of the San Pedro Times for $1.00. Daily demand is distributed normally with mean = 250 and standard deviation = 50. At the end of each morning, any leftover copies are worthless and they go to a recycle bin.a. How many copies of the San Pedro Times should you buy each morning?b. Based on part (a), what is the probability that you will run out of stock?= = +E v No Spacing Normal Aav Replace Heading 1 Reuse Dictate Editor Files Paragraph Styles Editing Reuse Files Voice Editor Item SKU A3378 has a demand that is normally distributed during the lead time, with a mean of 360 units and standard deviation 9999 of 12. If Hinsdale cannot have stockouts in more than 10% of the time in any order, how much safety stock should be maintained and at what reorder point? 1. SKU F5402: daily demand is normally distributed with a mean of 16, standard deviation of 4, lead time is 4 days, and must operate at a 95% service level. 2. SKU B7319: daily demand is constant at 24 units per day, lead time is normally with a mean of 6 days and standard deviation of 2 days, and must operate at a 95% service level. 3. SKU F9004: daily demand is normally distributed with a mean of 21 units and a standard deviation of 3 days. The lead time is also normally distributed with a mean of 4 days, standard deviation of 2 days, and a service level of 90% is required. Text…
- A computer products store stocks color graphics monitors, and the daily demand is normally distributed with a mean of 1.6 monitors and a standard deviation of 0.4 monitor. The lead time to receive an order form the manufacturer is 15 days. Q 17.1- Determine the reorder point that will achieve 98 % service level.Annual demand for a product is 13,000 units; weekly demand is 250 units with a standard deviation of 40 units. The cost of placing an order is $100, and the time from ordering to receipt is four weeks. The annual inventory carrying cost is $0.65 per unit. To provide a 98 percent service probability, what must the reorder point be? Suppose the production manager is told to reduce the safety stock of this item by 100 units. If this is done, what will the new service probability be?A personal care product store sells health and beauty products. For a special ginger shampoo, the lead time is two weeks and the weekly demand is normally distributed with a mean of 150 bottles and a standard deviation of 40 bottles. The store allows a 5% chance of stockout.1. What safety stock should the store hold?2. At what inventory level should the store place an order?