a) Define inventory management.
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- Historical records on the use of spare parts for several large hydraulic presses are to serve asan estimate of usage for spares of a newly installed press. Stockout costs involve downtimeexpenses and special ordering costs. These average $4,200 per unit short. Spares cost $800each, and unused parts have zero salvage. Determine the optimal stocking level.Spares Used Relative Frequency Cumulative Frequency0 .20 .201 .40 .602 .30 .903 .10 1.004 or more .001.00Critically evaluate decision to use the Economic Order Quantity (EOQ) model as part of the approach to the management of inventories.Q1/ Alpha Company estimates its product cost at 8000 $, the estimated annual requirement is 25000 units at holding cost 15% of product cost. a. What is the most economical number of units to order?(EOQ). b. How many orders should be placed in a year?(optimal number of orders).
- For fixed order quantity inventory system, which of the following costs is increased when order size (Q) is increased? a) Setup cost b) Ordering cost c) Start-up quality cost d) Insurance cost e) Receiving inspection costGiven the following inventory system: average weekly (7 days a week) demand is 1000 units with a standard deviation of 100 units, review period is 28 days (4 weeks), lead time is 14 days (2 weeks) and the target service probability is 90%. Currently, inventory on hand is 500 units. How many units should be ordered? a. 6000 b. 6059 c. 6264 d. 5049 e. 5814Q2) Groundz Coffee Shop uses 4 kgs of a specialty tea weekly; each kg costs $16. Carrying costs are $1 per kg per week because space is very scarce. It costs the firm $8 to prepare an order. Assume 52 weeks per year. How many kgs of tea should Groundz order at a time? What is total annual cost. How many orders should Groundz place annually. Q2) Groundz Coffee Shop uses 4 kgs of a specialty tea weekly; each kg costs $16. Carrying costs are $1 per kg per week because space is very scarce. It costs the firm $8 to prepare an order. Assume 52 weeks per year. How many kgs of tea should Groundz order at a time? What is total annual cost. How many orders should Groundz place annually.
- Xemex has collected the following inventory data for the six items that it stocks: ITEM CODE UNIT COST ($) ANNUAL DEMAND (UNITS) ORDERING COST ($) CARRYING COST AS A PERCENTAGE OF UNIT COST 1 10.60 600 40 20 2 11.00 450 30 25 3 2.25 500 50 15 4 150.00 560 40 15 5 4.00 540 35 16 6 4.10 490 40 17 Lynn Robinson, Xemex’s inventory manager, does not feel that all of the items can be controlled. What ordered quantities do you recommend for which inventory product(s)?a) The average monthly demand requirement = ____units (round to nearest whole number.) B) The total stockout cost = $____(nearest whole number) C) The total inventory carrying cost = $____(nearest whole number) D) The total cost, excluding normal time labor costs, is = $_____(nearest whole number)Inventory Policy Weekly Stochastic Demand, D follows N(HD=539,0²D=6724) Given: T=1.5 weeks (inventory period) Lead time: 0.2 weeks Stock out Level=alpha=0.10 Service Level =1-alpha= 0.90 Use from excel: normsinv() to find Zalpha When to Order ROP=? How Much to Order Q =?
- Qatar Airways has implemented a new online purchasing (ordering) system, as a result the order cost reduced by half, therefore, the economic order quantity (EOQ) will decrease by O b. 70.7% Oc. 29.3% O d. 25%This is in fact a production or operations scheduling system and not an inventory control system. It eliminates the holding of inventory and is based on requiring suppliers to deliver materials of the right quality to the business on the day they are needed and where they are needed.(1) Cyclical‐ordering system.(2) Materials‐requirements planning.(3) Just in time.(4) System of fixed‐order quantities.(5) Quick response system.A bookstore has an annual demand for 44,000 copies of a best-selling book. It costs $0.50 to store one copy for one year, and it costs $80 to place an order. Find the optimum number of copies per order. A. 3,752 copies B. 5,307 copies C. 4,530 copies OD. 3,377 copies