When an firm put aside some extra inventory that serves as an insurance against flucation in demand is called Wastage Inventory Minimum Level Safety Stock EOQ O
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Do you think the safety stock (safety inventory) could be negative? What is the meaning of a negative safety inventory (hint: safety stock is the difference between the optimal inventory and the average demand)?asap!! A manager of an inventory system believes that inventory models are important decision making aids. Even though often using an EOQ policy, the manager never considered a backorder model because of the assumption that backorders were “bad” and should be avoided. However, with upper management’s continued pressure for cost reduction, you have been asked to analyze the economics of a backorder policy for some products that can possibly be backordered. For a specific product with D = 1200 units per year, Co = 160, = 4, and = 25, what is the difference in total annual cost between the EOQ model and the planned shortage or backorder model? If the manager adds constraints that no more than 25% of the units can be backordered and that no customer will have to wait more than 18 days for an order, should the backorder inventory policy be adopted? Assume 300 working days per year.
- It takes approximately 2 weeks (14 days) for an order ofsteel bolts to arrive once the order has been placed. The demandfor bolts is fa irly constant; on the average, the manager, MichelleWu, has observed that the hardware store sells 500 of these boltseach day. Because the demand is fairly constant, Michelle believesthat she can avoid stockouts completely if she orders the bolts atthe correct time. What is the reorder poin t?2. It is an inventory strategy a company employs to increase efficiency and decrease waste by receiving and producing goods as they are needed in the production process, thereby reducing inventory costs. a.Just In Time Inventory System B.min-Max Inventory System C.Pareto/80-20 inventory rule D.ABC inventory system E.None of the aboveCompany XYZ makes bicycles. XYZ produces 400 bicycles a month. They must buy tires from a supplier at a cost of $20 per tire. The inventory holding cost rate is 15% and ordering costs $50 per order. Part i) Let’s assume that there is no shortage inventory allowed. Calculate optimal annual order quantity Calculate annual total inventory cost ^already have the answer for this one. Just input the whole question so it would make more sense. Part ii) Let’s assume that shortage inventory is allowed. With that being said, we know that the shortage cost per unit of item is $5 per year. <<this is the one that I am stuck on. Calculate optimal annual order quantity Calculate annual total inventory cost Hint: Each bicycle has two tires.
- 1. Speculative stock aims to, a. Buffer against uncertainty b. Satisfy demand during lead times c. All of the above d. Buffer against supply fluctuations 2. Outbound means moving goods from manufacturer to customers. True or False.What is the relationship between the average inventory and the in-stock probability?a. The more the inventory, the lower the in-stock probability.b. There isn’t a definitive relationship—more inventory could mean a lower or a higherin-stock probability.c. The more the inventory, the higher the in-stock probability.You are managing a company that stocks and distributes hardware. Thecompany employs two purchasing agents who receive combined salaries of$90,000. They process 6,000 purchase requests per year. Average inventoryin storage is $600,000, and the total cost of running the warehouse is$200,000. You are told that the company purchases 5,000 hammers per yearat a cost of $5.34 per hammer.a. Using the economic order quantity (EOQ) formula, how many hammersshould be ordered at one time?b. If the hammer vendor stated that it would charge $5.00 per hammer if youordered 200 or more at a time, what should you do?
- Which reason for holding inventory enables a firm to reduce the impact of large fixedcosts that the firm incurs whenever it places an order to a supplier?a. Seasonalityb. Uncertain demandc. Buffersd. BatchingMost inventory models attempt to minimize a. The likelihood of stockout b. None of these c. The numbers of orders placed d. Total inventory-based cost e The number of items orderedHalloween is the big holiday for a candy manufacturer—more than half of its salesoccur in the month leading up to Halloween. As a result, the manufacturer produces a largestockpile of inventory before the holiday. Which of the following best explains the reason forthis inventory?a. Seasonalityb. Batchingc. Buffersd. Uncertain demande. Pricing