Please do not give solution in image formate thanku. Inventory Models: An artist’s supply shop stocks a variety of different items to satisfy the needs of both amateur and professional artists. In each case described below, what is the appropriate inventory control model that the store should use to manage the replenishment of the item described below? If appropriate, explain your choice. Choose from the following models: (A) EOQ, (B) Wagner-Whitin, (C) Newsvendor, (D) Base-stock, (E) (Q, r), (F) Other type of model a) A highly volatile paint thinner is ordered once every three months from the supplier. Cans not sold during the three-month period are discarded. The demand for the paint thinner exhibits considerable variation from one three-month period to the next. Answer: ____________ b) A white oil-base paint sells at a fairly regular rate of 600 tubes per month and requires a six-week order lead time. The paint store buys the paint for $1.20 per tube. Answer: ____________ c) Burnt sienna oil paint does not sell as regularly or as heavily as white. Sales of the burnt sienna vary considerably (and randomly) from one month to the next. The useful lifetime of the paint is about two years, but the store sells almost all of the paint prior to the two-year limit. Fixed order placement costs for low volume items such as burnt sienna oil paint are significant. Answer: ____________
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
Please do not give solution in image formate thanku.
Inventory Models: An artist’s supply shop stocks a variety of different items to satisfy the needs of both amateur and professional artists. In each case described below, what is the appropriate inventory control model that the store should use to manage the replenishment of the item described below? If appropriate, explain your choice. Choose from the following models:
(A) EOQ, (B) Wagner-Whitin, (C) Newsvendor, (D) Base-stock, (E) (Q, r), (F) Other type of model
a) A highly volatile paint thinner is ordered once every three months from the supplier. Cans not sold during the three-month period are discarded. The demand for the paint thinner exhibits considerable variation from one three-month period to the next.
Answer: ____________
b) A white oil-base paint sells at a fairly regular rate of 600 tubes per month and requires a six-week order lead time. The paint store buys the paint for $1.20 per tube.
Answer: ____________
c) Burnt sienna oil paint does not sell as regularly or as heavily as white. Sales of the burnt sienna vary considerably (and randomly) from one month to the next. The useful lifetime of the paint is about two years, but the store sells almost all of the paint prior to the two-year limit. Fixed order placement costs for low volume items such as burnt sienna oil paint are significant.
Answer: ____________
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