Safety stock = units (round your response to the nearest whole number).
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- Dan’s Independent Book Store is trying to decide on how many copies of a book to purchase at the start of the upcoming selling season. The book retails for $28.00. The publisher sells the book to Dan at $20.00. Dan can dispose of all of the unsold copies of the book at 50% off the retail price, at the end of the season. Dan estimates that demand for this book during the season is Normal with a mean of 1000 and a standard deviation of 250. Question 1: What is the quantity that Dan should order to maximize his expected profit?At a recent manufacturing workshop, XYZ, Incorporated explained that demand for disposable masks increase rapidly in March 2020 when quarantine mandates first took effect. At the time, retailers could only place a single order to cover demands through the end of the summer. A certain retailer purchased disposal masks from a supplier at a cost of $20 per unit and sold them for $30 per unit. By the end of summer, demand for masks subsided considerably and all masks that weren't sold during the summer could be sold at a discounted price of $18 per unit. The retailer estimated that demand between March and August would be Normally distributed with mu = 10,000 and sigma = 1525 units With, supply chains becoming more stable since March 2020, the retailer is currently in the process of establishing a contract with a disposable mask supplier. The supplier has agreed to sell masks to the retailer for $18 per unit and will make deliveries any time the supplier places an order for a cost of $100…A regional distributor purchases discontinued appliances from various suppliers and then sells them on demand to retailers in the region. The distributor operates 5 days per week, 52 weeks per year. Only when it is open for business can orders be received. The following data are estimated for a counter-top mixer: Average daily demand 1d2 = 100 mixers Standard deviation of daily demand 1sd2 = 30 mixers Lead time 1L2 = 3 days Holding cost 1H2 = $9.40>unit>year Ordering cost 1S2 = $35>order Cycle@service level = 92 percent The distributor uses a continuous review Q system. a. What order quantity Q, and reorder point, R, should be used? b. What is the total annual cost of the system? c. If on-hand inventory is 40 units, one open order for 440 mixers is pending, and no backorders exist, should a new order be placed?
- Z Pr(Z) 0.38 65 0.50 69 0.67 75 0.84 80 1.04 85 1.28 90 1.41 92 1.56 94 1.65 95 1.75 96 2.06 98 2.33 99 Barbara Flynn is in charge of maintaining hospital supplies at General Hospital. During the past year, the mean lead time demand for bandage BX-5 was 60 (and was normally distributed). Furthermore, the standard deviation for BX-5 was 6. Ms. Flynn would like to maintain a 90% service level. a) What safety stock level do you recommend for BX-5? Safety stock = units (round your response to the nearest whole number).National Scan, Inc., sells radio frequency inventory tags. Monthly sales for a seven-month periodwere as follows:Month Sales (000 units)Feb. 19Mar. 18Apr. 15May 20Jun. 18Jul. 22Aug. 20a. Plot the monthly data on a sheet of graph paperMuscle Bound is a chain of fitness stores located in many large shopping centers. Recently, an internal memo from the CEO to all operations personnel complained about the budget overruns at Muscle Bound’s central warehouse. In particular, she said that inventories were too high and that the budget will be cut dramatically and proportionately equal for all items in stock. Consequently, warehouse management set up a pilot study to see what effect the budget cuts would have on customer service.They chose 5-pound barbells, which are a high volume SKU and consume considerable warehouse space. Daily demand for the barbells is 1,000 units, with a standard deviation of 150 units. Ordering costs are $40 per order. Holding costs are $2/unit/year. The supplier is located in the Philippines; consequently, the lead time is 35 days with a standard deviation of 5 days. Muscle Bound stores operate 313 days a year (no Sundays). Suppose that the barbells are allocated a budget of $16,000 fortotal annual…
- Muscle Bound is a chain of fitness stores located in many large shopping centers. Recently, an internal memo from the CEO to all operations personnel complained about the budget overruns at Muscle Bound’s central warehouse. In particular, she said that inventories were too high and that the budget will be cut dramatically and proportionately equal for all items in stock.Consequently, warehouse management set up a pilot study to see what effect the budget cuts would have on customer service. They chose 5-pound barbells, which are a high volume SKU and consume considerable warehouse space. Daily demand for the barbells is 1,000 units, with a standard deviation of 150 units. Ordering costs are $40 per order. Holding costs are $2/unit/year. The supplier is located in the Philippines; consequently, the lead time is 35 days with a standard deviation of 5 days. Muscle Bound stores operate 313 days a year (no Sundays). Suppose that the barbells are allocated a budget of $16,000 for total…Clips, a competitor of Staples, is a national chain that provides office supplies to small businesses. Maya, who is the store manager at the Bethesda store, is also responsible for the store’s replenishment functions. Maya is interested in establishing a standard replenishment policy for some of her steady, non-seasonal products of which paperclips is one. Paperclips sell in small boxes that contain two hundred units. Maya estimates that Clips Bethesda sells 100 boxes of paperclips in a typical week and that the purchase price for Clips per box of paperclips is $2.00. The fixed ordering cost any time an order is placed is $20. Maya also estimates a nominal holding cost of $0.10 per box per week. (a) What is the optimal order quantity for paperclips at their Bethesda store?(b) Assuming 50 weeks in a year, how many times a year should the paperclips be ordered?Annual demand for a product is normally distributed with mean 2300 units and standard deviation 150 units. Lead time is 4 weeks. Assume 1 year = 52 weeks. What is the standard deviation of the demand during lead time? Select one:a. 1800b. 600c. 41.6d. 11.54e. 2.654 times 10 to the power of 4
- Dan's Independent Book Store is trying to decide how many copies of a book to purchase at the start of the upcoming selling season. The book retails at $28.00. The publisher sells the book to Dan at $20.00. Dan will dispose of all of the unsold copies of the book at 50% off the retail price, at the end of the season. Dan estimates that demand for this book during the season is normal with a mean of 1000 and a standard deviation of 250. The publisher is thinking of offering the following scheme to Dan. At the end of the season, they will buy back unsold copies at a pre-determined price of $17.00. However, Dan would have to bear the costs of shipping unsold copies back to the publisher at $1.00 per copy. What is the quantity that Dan should order, to maximize his expected profits?ou have been pricing Samsung-Galaxy SmartWatch in several stores. Three stores have the identical price of $400. Each store charges 18 percent APR, has a 30-day grace period, and sends out bills on the first of the month. On further investigation, you find that store A calculates the finance charge by using the average daily balance method, store B uses the adjusted balance method, and store C using the previous balance method. Assume you purchased the SmartWatch on May 5 and made a $100 payment on June 15. What will the finance charge for June be if you made your purchase from store A? From store B? From store C?Bicycling World, a magazine devoted to cycling, reviews hundreds of bicycles throughout the year. Its "Road-Race" category contains reviews of bicycles used by riders primarily interested in racing. One of the most important factors in selecting a bicycle for racing is the weight of the bicycle. The following data show the weight (pounds) and price ($) for ten racing bicycles reviewed by the magazine. Click on the datafile logo to reference the data. Model Weight (lb) Price ($) Fierro 7B 17.9 2,200 HX 5000 16.2 6,350 Durbin Ultralight 15.0 8,470 Schmidt 16.0 6,300 WSilton Advanced 17.3 4,100 Bicyclette vélo 13.2 8,700 Supremo Team 16.3 6,100 XTC Racer 17.2 2,680 D'Onofrio Pro 17.7 3,500 Americana #6 14.2 8,100 (b) Use the data to develop an estimated regression equation that could be used to estimate the price for a bicycle given its weight. What is the estimated regression model? Let x represent the bicycle weight. If…