Design a reorder point control system for this part given, Operation Management

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Design a reorder point control system for this part given

Suppose that an auto part in a manufacturer's inventory has the following characteristics

Forecast Demand= 1250 cases per week

Forecast error, std.dev.= 475 cases per week

Lead Time= 2.5 weeks

Carrrying costs= 30% per year

Purchase prics, delivered =$56 per case

Stockout cost= $10 per case

Probability of being in stock during the Lead time, P = 80%

a. Design a reorder point control system for this part, given the assigned P. How would you state the inventory control policy f the ROP>Q*?

b. Design a periodic review system for this part. Now assume that the probability of being in stock extends to the order interval plus lead time.

c. Determine and compare the relevant cost odf each approach.

d. What service level (Fill rate) do you achieve with both designs?

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Operation Management: Design a reorder point control system for this part given

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Operation Management: Design a reorder point control system for this part given

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Recent Questions Asked Operation Management

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Request for Solution File

Ask an Expert for Answer!!

Operation Management: Design a reorder point control system for this part given

Reference No:- TGS0566921

Recent Questions Asked Operation Management

Q : Briefly compare and contrast the manufacturing and service

Q : At a fixed temperature equal moles of n2 g and f2 g are

Q : The production process is most efficient when 12 units per

Q : Find the solution for the given initial value problem and

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