Discuss what EOQ is and why is it a useful tool for managers in operations?
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Discuss what EOQ is and why is it a useful tool for managers in operations?
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- What is a “supply chain,” and how are supply chains related to justin-time inventory procedures?Describe the importance of inventory management as itrelates to the Farmers Restaurant.The McDonald’s fast-food restaurant on campus sells an average of 4,000 quarter-pound hamburgers each week. Hamburger patties are resupplied twice a week, and on average the store has 350 pounds of hamburger in stock. Assume that the hamburger patties cost $1.00 a pound. What is the inventory turnover for the hamburger patties? On average, how many days of supply are on-hand? (Answer in Appendix D)
- Subject: Logistic management Q): calculate inventory turn over ratio, Where sales is 2,000,000COGS is 65% of sales And average inventory is 125,435 What will be inventory ratio in days and weeksWhy is it important to deal with certain concerns when handling the types of perishable products? inventoryHow to Treat Inventory?
- The motel replaces broken glasses at a rateof 25 per day. In the past, this quantity has tended to vary normally and have a standard deviationof three glasses per day. Glasses are ordered from a Cleveland supplier. Lead time is normally distributed with an average of 10 days and a standard deviation of 2 days. What ROP should be used toachieve a service level of 95 percent?How is multi-echelon-inventory analysis a significant challenge?1. Which of the following costs do not come under inventory carrying cost calculation? a) Investment in a software for updating stock position online b) Investment in stores space c) Salaries of procurement personnel d) Cost of maintaining the inventory stocks 2. Which of the following will have lesser bullwhip effect in a supply chain? a) Supply Chain co-ordination b) Opening more stocking points closer to the point of consumption c) Empowering the lower echelons of the inventory to take decisions on fulfilling the demand d) All of the above 3. What is the effect of delayed differentiation strategy? a) The number of variants offered will be reduced b) The inventory carrying costs will come down c) Production Planning and Control will become more difficult d) Bullwhip effect will be more pronounced
- How is inventory turnover calculated, and what information does it provide for the owner-manager?1.Which of the following pertains to an efficient supply chain? A)It deals with innovative products B)The product life cycle will be short C)It is worthwhile to invest in good forecasting systems D)All of the above 2.Which of the following costs do not come under inventory carrying cost calculation? A)Investment in a software for updating stock position online B)Investment in stores space C)Salaries of procurement personnel D)Cost of maintaining the inventory stocks 3.Which of the following will have lesser bullwhip effect in a supply chain? A)Supply Chain co-ordination B)Opening more stocking points closer to the point of consumption C)Empowering the lower echelons of the inventory to take decisions on fulfilling the demand D)All of the aboveI need question D solved please (a) What was their average aggregate inventory value? =46,410,239(b) What was their average inventory (measured in weeks of supply)? =6.97(c) What was their inventory turnover?=7.1771BIT operates on a build-to-stock policy, and therefore stores its finishedgoods in a warehouse capable of housing up to 70,000 units. Its annual overhead cost (fixed cost) is $117,000; and it costs $3/unit to house the finished goods. BIT has been approached by a warehouse company offering to house the finished goods for a unit cost of $4.5/unit, with an annual contract cost of $30,000. (d) Should BIT continue operating its own warehouse, or should it employthe warehouse company? Why?