Company ABC utilizes an inventory system in which order gets placed after uniform time duration. Which of the following represents the inventory policy used by the Company? a) (Q, x) Model b) EOQ Model c) Fixed period model d) Fixed quantity model
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- The basic EOQ model is based on all the following assumptions except: A. Annual demand is known and constant.B. The item is always available when needed.C. Estimates of ordering and carrying costs are accurate.D. Order is instantaneously received exactly when previous inventory has just been used up.The basic EOQ model is based on all the following assumptions except: * A. Annual demand is known and constant.B. The item is always available when needed.C.Estimates of ordering and carrying costs are accurate.D.Order is instantaneously received exactly when previous inventory has just been used up.The basic EOQ model is based on all the following assumptions except: * Estimates of ordering and carrying costs are accurate. Order is instantaneously received exactly when previous inventory has just been used up. Annual demand is known and constant. The item is always available when needed.
- One of the assumptions of the basic fixed-order-quantity inventory model is "lead time (time from ordering to receipt) is constant." True or FalseConsider the basic EOQ model (no uncertainty). Annual holding cost (???AHC) is $2,400. Find annual ordering cost (???AOC). Group of answer choices Cannot be answered because there is missing information AOC=$2,400, since AHC=AOC at the economic order quantity AOC=$0, since there is no uncertainty $1,200, since AOC=AHC/2 at economic order quantity. $4,800, since AOC=2 x AHC at economic order quantityWhich of the following is an assumption of the EOQ model? A. The demand for the material may vary from time to time. B. All of the quantity ordered arrives in full just as the company runs out of inventory C. The item cost and the shortage costs are known and constant. D. The lead time could be different from one order to another.
- Leaky Pipe, a local retailer of plumbing supplies, faces demand for one of its SKUs at a constant rate of 30,000 units per year. It costs Leaky Pipe $10 to process an order to replenish stock and $1 per unit per year to carry the item in stock. Stock is received 4 working days after an order is placed. No backordering is allowed. Assume 300 working days a year.a. What is Leaky Pipe’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 the demand during the lead time?e. What is the reorder point?f. What is the inventory position immediately after an order has been placed?Identification: 1. It refers to the series of repeated procedures to find solutions used in most mathematical models. 2. These are known quantities whose values are usually given. 3. It is an inventory model that is intended to minimize the ordering and carrying cost of an inventory.Rocky Mountain Tire Centre sells 20,000 tires of a particular type per year. The ordering cost for each order is $40, and the holding cost is 20% of the purchase price of the tires per year. The purchase price is $20. per tire if fewer than 500 tires are ordered, $18. Per tire if more than 500 but fewer than 1,000 tires are ordered and $17. per tire if 1,000 or more tires are ordered. How many tires should Rocky Mountain order each time it places an order? Quantity Unit Price 1-499 $20. 500-999 $18. 1000 & over $17 Based on available information, lead time demand for CD-ROM drives averages 50 units (normally distributed), with a standard deviation of 5 drives. Management wants a 97% service level. What value of Z should be applied? How many drives should be carried as safety stock?
- . Suppose inventory is managed using the order-up-to model. Which of the following actions will certainly lead to a higher order-up-to level? In all cases, assume thecharacteristics of the demand process do not change. I. Increase in the target in-stock probability (for the same lead time)II. Increase in the lead time (for the same in-stock probability)a. I onlyb. II onlyc. I and IId. None of the aboveA company has an annual demand of 2500 units. The cost to place an order to replenish inventory is SR18.75 per order, and annual inventory holding cost per unit is SR1.5. On average, delivery of an order takes 3 working days (Lead time). Assume the store is open 250 days per year. What is the optimal order size? What is the optimal number of orders per year? What is the optimal number of days between orders? What is the Reorder Point (ROP)? What is the Reorder Point (ROP) with 2 days safety stock.Which of the following is NOT an assumption of the EOQ model?a. It is possible to receive a purchase discount if the order quantity is sufficiently large.b. There is a fixed cost to submit each order that is independent of the amount ordered.c. Demand occurs at a constant rate per unit of time.d. There is a cost to hold each unit of inventory per unit of time