Suppose the monthly demand for automobile tires at a tire dealer is Normally distributed with a mean of 250 tires and a standard deviation of 50 tires. How many tires must the store have in inventory at the beginning of each month to meet the demand 95% of the time?
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Suppose the monthly demand for automobile tires at a tire dealer is Normally distributed with a mean of 250 tires and a standard deviation of 50 tires. How many tires must the store have in inventory at the beginning of each month to meet the demand 95% of the time?
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- A retailer sells winter jackets for $120 in the winter season. The cost of a jacket is $70. Unsold jackets discounted and sold for $50 after the winter season. Demand is normally distributed with a mean of 2500 units and standard deviation of 600 units. Replenishments cannot be ordered once the winter season starts due to long lead-times. The retailer wants to determine how many jackets to order for the winter season. The optimal service level is . 714.714 (enter your answer to 3 decimal places). The optimal quantity to order is ...(enter your answer rounded to the nearest integer).A coffee shop uses approximately 250 pounds of a particular type of coffee every week. The shop is open 52 weeks a year. The annual carrying charge for the coffee is 20%. If 1 pound of coffee costs the shop $12.00 and the cost associated with each order is $39, how many pounds of this coffee should be ordered each time an order is placed in the shop wants to minimize its total annualized inventory-related costs?A store sells 100,000 tablet PCs every year. Each tablet PC costs $(159) and the store has an annual holding cost of (39)%. a. For what fixed cost per order would an order size of 50,000 units be optimal? b. For what fixed cost per order would an order size of 1,000 units be optimal? c. What are the annual total inventory costs for these policies
- AAA auto supply store sells snow tires which are ordered every Friday to meet next week's demand. The sales price for the most popular size is $50 per tire and its cost for AAA is $35. If too many tires are ordered AAA incurs an inventory carrying cost of $2 per tire. If AAA is out of stock, it forgoes the profits from missed sales. AAA has the option to order 100, 150, or 200 tires to meet next week's demand which can be either 100, 150, or 200 tires.Based on its historical demand distribution, assume that AAA Inc. has determined the followingprobability information: P(100) = 0.4, P(150) = 0.3, and P(200) = 0.3 e. Which alternative should be chosen based on the minimax regret criterion? f. Which alternative should be chosen using the expected monetary value (EMV) criterion? g. What is the expected value under perfect information (EVPI)? Show WorkAAA auto supply store sells snow tires which are ordered every Friday to meet next week's demand. The sales price for the most popular size is $50 per tire and its cost for AAA is $35. If too many tires are ordered AAA incurs an inventory carrying cost of $2 per tire. If AAA is out of stock, it forgoes the profits from missed sales. AAA has the option to order 100, 150, or 200 tires to meet next week's demand which can be either 100, 150, or 200 tires.Based on its historical demand distribution, assume that AAA Inc. has determined the followingprobability information: P(100) = 0.4, P(150) = 0.3, and P(200) = 0.3.a. Which alternative should be chosen based on the maximax criterion?b. Which alternative should be chosen based on the maximin criterion?c. Which alternative should be chosen based on the Lapalce criterion?d. Which alternative should be chosen based on criterion of realism with alpha = 0.7?e. Which alternative should be chosen based on the minimax regret criterion?f. Which…The home appliance department of a large department store is using a lot size–reorder point system to control the replenishment of a particular model of FM table radio. The store sells an average of 10 radios each week. Weekly demand follows a normal distribution with variance 26.The store pays $20 for each radio, which it sells for $75. Fixed costs of replenishment amount to $28.The accounting department recommends a 20 percent interest rate for the cost of capital. Storage costs amount to 3 percent and breakage to 2 percent of the value of each item.If a customer demands the radio when it is out of stock, the customer will generally go elsewhere. Loss-of-goodwill costs are estimated to be about $25 per radio. Replenishment lead time is three months.a. If lot sizes are based on the EOQ formula, what reorder level should be used for the radios?b. Find the optimal values of (Q, R).c. Compare the average annual costs of holding, ordering, and stock-out for the policies that you found in…
- Vallie Enterprise sells a product that cost $200 per unit and has a monthly demand of 500 units. The annual holding cost per unit is calculated as 2% of the unit purchase price. It costs the business $30 to place a single order. The maximum number of units sold for any one week is 150 and minimum sales 80 units. The vendor takes anywhere from 2 to 4 weeks to deliver the merchandise after the order is placed. The EOQ model is appropriate. i) What is the cost minimizing solution for this product each year? ii) Determine the re-order level, minimum inventory level and maximum inventory level for the product.Rocky Mountain Tire Center sells 20,000 go-cart tires 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 500 or more-but fewer than 1,000- tires a re ordered, and $17 per tire if I ,000 or more tires areordered.a) How many tires should Rocky Mountain order each time it places an order?b) What is the total cost of this policy?A car dealer must pay $20,000 for each car purchased. The annual holding cost is estimated to be 25% of the dollar value of inventory. The dealer sells an average of 500 cars per year. He is willing to backlog some demand but estimates that if he is short one car for one year, he will lose $20,000 worth of future profits. Each time the dealer places an order for cars, the ordering cost is $10,000. Determine the dealer’s optimal ordering policy. What is the maximum shortage that will occur? Assume it costs $5000 to store a car for a year
- Please do not give solution in image format thanku Deltic sells this component for 55 per unit with a 4-month delivery lead time. Assume Deltic covers all transportation and related processing until delivery. TCX’s demand forecast for the upcoming selling season (12 months) is a normal distribution with mean 13500 and standard deviation 3736,4 . TCX sells each unit, after integrating their proprietary software, for 135. Assume that TCX uses a holding cost rate of 25 %, and any leftover units can be sold for 30 on average. Due to the long lead time and high minimum order quantity required, TCX is planning on a single order from Deltic to meet their needs in the next year. How many of these components should TCX order? Calculate the resulting expected annual profits for TCX.Please do not give solution in image formate thanku. You are starting a Christmas tree business. You can purchase trees from local farmers at $25 per tree. You are able to sell the trees at $75 per tree. Any leftover trees can be sold to the local wood chip company at $5 per tree. Assume that the demand follows a uniform distribution ∼U(96,380). How many trees should you stock through the holiday season?A company would like to classify its inventory systems using ABC Inventory classification system. The rules for ABC dassification are STRICTLY applied such that 80% cumulative budget is assigned to A class inventory items. The next 15% cumulative budget is assigned to B class inventory items, and Only 5% of the cumulative budget is assigned to class inventory itemsThe inventory items are XYZ1, XYZ2, XYZ3and respectively. The Annual demands (units per year) for these items are 290,457159, and 577 respectively. Also, the corresponding per unit prices are 19 33, 126and respectively measured in OMR. Which items (among XYZ1, XYZ2, XYZ3, and XYZ4) are classified as Adass inventory