A newsvendor pays $.30 for each paper and sells each paper for $.50. From past data, it shows the average demand of 90 papers with standard deviation of 10 papers and demand follows the normal distribution. So, how much newspaper should he stock? O 110 90 88 123
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- A newsvendor pays $.30 for each paper and sells each paper for $.50. From past data ,it shows the average demand of 90 papers with standard deviation of 10 papers and demand follows the normal distribution. So, how much newspaper should he stock?At Dot Com, a large retailer of popular books, demand is constant at 32,000 books per year. The cost of placing an order to replenish stock is $10, and the annual cost of holding is $4 per book. Stock is received 5 working days after an order has been placed. No backordering is allowed. Assume 300 working days a year.a. What is Dot Com’s optimal order quantity?b. What is the optimal number of orders per year?c. What is the optimal interval (in working days) between orders?d. What is demand during the lead time?e. What is the reorder point?f. What is the inventory position immediately after an order has been placed?A manager receives a forecast for next year. Demand is projected to be 600 units for the first half of the year and 920 units for the second half. The monthly holding cost is $2 per unit, and it costs an estimated $55 to process an order. a.Assuming that monthly demand will be level during each of the six-month periods covered by the forecast (e.g., 100 per month for each of the first six months), determine an order size that will minimize the sum of ordering and carrying costs for each of the six-month periods. (Round your answers to the nearest whole number.) Period Order Size 1 – 6 months?_____units 7 – 12 months?_____units b.If the vendor is willing to offer a discount of $10 per order for ordering in multiples of 50 units (e.g., 50, 100, 150), would you advise the manager to take advantage of the offer in either period? If so, what order size would you recommend? (Round intermediate calculations to 2 decimal places.) Period Order Size 1 – 6 months?____ units 7 – 12 months?____…
- Cynthia Knott’s oyster bar buys fresh Louisiana oysters for $5 per pound andsells them for $9 per pound. Any oysters not sold that day are sold to her cousin,who has a nearby grocery store, for $2 per pound. Cynthia believes that demandfollows the normal distribution, with a mean of 100 pounds and a standarddeviation of 15 pounds. How many pounds should she order each day?The weekly demand for a product, which is held in stock is always 90 units. When an order for new stock is placed, it is delivered almost instantaneously by anordering cost of 50,000 is incurred. The product costs 3,000 per unit, and it costs 15 percent of this amount to hold a unit in stock for a year. Currently, orders are placed for 2000 units. There are 50 working weeks in a year and lead time is one week.a) As a management science student, the MD of the company seeks your expert advice on ways in which to determine the economic order quantity, optimal order cycle time, re-order level and total annual inventory cost. Advise the MD, providing detailed explanation using your answer. Write your answer in a form of a report to the MD.b) Advise the MD about savings, if any, could be made by changing from current order quantity of GH¢ 2000 units to the one obtained in (a) above c) Describe the order policy followed by the firm based on your calculations. (Please do not use chegg answers)Henrique Correa’s bakery prepares all its cakesbetween 4 a.m. and 6 a.m. so they will be fresh when customers arrive. Day-old cakes are virtually always sold, but at a50% discount off the regular $10 price. The cost of baking acake is $6, and demand is estimated to be normally distributed, with a mean of 25 and a standard deviation of 4. Whatis the optimal stocking level?
- Ardie Corporation uses 30,000 units. Each order placed is for 1,500 units. The stockout units is 300. Management is willing to accept a stockout probability of 40 percent. The stockout cost per unit is P3.20. What does the total stockout cost? choose the letter of the correct answera. P2,680.00b. P3,680.00c. P4,680.00d. P5,680.00e. P7,680.00COMPUTING REORDER POINTS (ROP) FOR IPHONES WITH AND WITHOUT SAFETY STOCKAn Apple store has a demand (D) for 8,000 iPhones per year. The firm operates a 250-day working year.On average, delivery of an order takes 3 working days, but has been known to take as long as 4 days. Thestore wants to calculate the reorder point without a safety stock and then with a one-day safety stock.APPROACH c First compute the daily demand and then apply Equation (12-6) for the ROP.Then compute the ROP with safety stock.A company uses the newsvendor model to manage its inventories and faces normallydistributed demand with a coefficient of variation of 0.75. The company decides toorder a quantity that exactly equals the mean of its demand forecast. Which of the following is true regarding this company’s performance measures? a. There is a .50 probability that there is enough inventory to serve all demand.b. Expected inventory equals 50 percent of the mean of the demand forecast.c. The stockout probability is .25.d. Expected inventory is 0.
- Chris usually sells 120 copies of newspaper each day and believe that sale are normally distributed, with a standard deviation of 15 papers. He pays 70 cents for each paper, which sells $1.25. For each unsold paper, he receives 30-cent credit. a) determine how many papers he should order each day b) calculate the stockout risk for that quantity.Henrique Correa’s bakery prepares all its cakesbetween 4 a.m. and 6 a.m. so they will be fresh when customers arrive. Day-old cakes are virtually always sold, but at a 50% dis-count off the regular $10 price. The cost of baking a cake is $6, and demand is estimated to be normally distributed, with a mean of 25and a standard deviation of 4. What is the optimal stocking level?The weekly demand for a product is 770 units. The standard deviation of dailydemand is 10 units. The firm reviews its inventory every 28 days. Each order for the product arrives 9 days after placement. At the time of review, there are 10 units backorder. If 95 percent of all demand is to be satisfied from items in stock:a) How many units should be the safety stock?b) What’s the product’s inventory status?c) How many units should be ordered for this period?