A E (2) D (3) C (2) F (1) G (2) E (1) F (1) G (2) TABLE INVENTORY RECORD DATA ITEM Data Category D E F G Lot-sizing rule L4L FOQ = 700 FOQ = 700 L4L L4L Lead time 3 weeks 3 weeks 4 weeks 2 weeks 1 week Safety stock 50 Scheduled receipts 150 (week 2) 450 (week 2) 700 (week 1) None 1,400 (week 1) Beginning inventory 125 235 750
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
The BOM for product A is shown in Figure. The MPS for product A calls for 120 units to be started in weeks 2, 4, 5, and 8. Table shows data from the inventory records.
a. Develop the material requirements plan for the next 8 weeks for each item.
b. What specific managerial actions are required in week 1?
Make sure you address any specific difficulties you encounter in the inventory records.
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