What inventory model should be used to determine the order quantity to maximize the total expected proÖt? Why? 2. What is the service level under the optimal order quantity? 3. How much fresh Boston blueÖsh should Skinnerís Fish Market order so as to maximize the total expected proÖt?
Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inv...
A: The detailed solution is given in Step 2.
Q: Define chase strategy.
A: Inventory is the raw material, work-in-process material and finished products that are used for manu...
Q: iEx transports products from their three processing plants directly to three warehouses. The product...
A: Given- Cost plan-
Q: Consider a product that is stocked using periodic review inventory policy. Orders are placed every 2...
A: Find the Given details below: Given details: Lead time 4 days Review time 21 days Mean 58 U...
Q: Question 2 Mr. Ferdinand is a well known entrepreneur who sells fresh organic beef to persons in the...
A: A Small Introduction about Forecast Forecasting is a procedure that involves authentic information ...
Q: You are the senior buyer for a growing technology company and an avid golfer You have just opened an...
A: Conflict of interest: It is a situation when a party may/may not get some undue advantage by misusin...
Q: LahLa Mub Delivery the logistics operator for an Online store, customer orders, already packaged for...
A:
Q: An advertising company offer three types of mediums: television, newspaper and radio. The cost for e...
A: Here mentioned decision variables-T = No. of Television adsN = No. of Newspaper adsR = No. of Radi...
Q: Merlin Park Hospital has 4 scan machines and 4 patients to scan. Each machine must be assigned to co...
A: Find the Network representation below:
Q: List down the business strategy and how they affect the structure of the firms ?
A: Business Strategy adopts a portfolio strategy to strategic decision making by looking across every o...
Q: Given the many facets of Human Resources, what do you think is the most difficult aspect to manage a...
A: It's rarely a sluggish day in a typical human resources department. Charged with handling all sorts ...
Q: I need the answer for G,H,I Thank you !
A: From the given data, the LP formulation will be as follows. Objective function: Max Z = 3600F+5400C ...
Q: a. Develop a regression equation to forecast the cost per thousand gallons as a function of the numb...
A: In statistics, a regression equation is used to determine whether or not there is a link between two...
Q: Case: Cooper's Chocolate Manufacturing Company - Application in Operations Management You were hired...
A: Let M = MelChoc, S = SurgeEn Max Z = 280 M + 225 S subject to 7 M + 26 S <= 190000 ...
Q: Which of the following document best ensures that the proper quantities are reflected on supplier in...
A: Packaging slip is a document that include information like SKU numbers, weights, dimensions and numb...
Q: ially launched a new project on Wednesday (April 28, 2021) designed to increase the contributions of...
A: Project Scope Administration Plan a outline of the vital advances linked to making an rise of the ex...
Q: A Jack-in-the-box toy includes two components, the jester (part A) and the box (part B). The followi...
A: From the given data, it can be observed that processes A and B are in series. After completing one s...
Q: Protocase is a major employer in CBRM, an analysis of protocase and detailed explanation of logistic...
A: A Small Introduction about Logistics Logistics is the general course of overseeing how assets are...
Q: max z = 2x1 + 2x2 %3D x¡ + x2 < 6 2x, + x2 < 13 s.a. toda X; 2 0
A: In mathematics, Linear Programming Problems is a method for determining the maximum or lowest value ...
Q: List and define a project manager's abilities and actions during project initiation, project plannin...
A: Project Management manages project stages as per their life cycle, beginning with Project Initializa...
Q: What are the advantages and disadvantages of giving moreresponsibility for machine maintenance to th...
A: Machine maintenance can be stated as the job that keeps the mechanical resources or assets with mini...
Q: Discuss how the Ja panese word for card has application inthe study of JJT.
A: The notion is Kanban plus it is confidentially incorporated with Just-in-Time. This tells on visible...
Q: How does sustainability affect consumer involvement ?
A: Consumer behavior is described as the study of the processes and the consumers on how the consumers ...
Q: Bulldogs Inc. expects to use 96,000 litters of paint annually costing P12 per litter. Inventory car...
A: Economic order quantity is the optimal quantity that the businesses purchases to minimize their tota...
Q: The carrying cost curve and ordering cost curve of Inc.’s inventory intersect at 3,500 units. What i...
A: Economic order quantity is the optimal order quantity that any company should purchase to reduce the...
Q: 1. What is the garage's peak and effective capacities, in alignments per week? 2. During the second ...
A: A Small Introduction about Wheel Alignment A wheel alignment comprises of changing the points of ...
Q: a bakery uses the eoq model to manage the inventory of flour. the eoq is chosen at 60 lbs. each mont...
A: EOQ is economic order quantity. It is a company's optimal order quantity that calculates the total c...
Q: Suppose Procter & Gamble (PG) and Johnson & Johnson (JN) are simultaneously considering new advertis...
A: Nash equilibrium is a technique in the game theory from where the optimal outcome of a game is where...
Q: explain the various employee benefits in an organization, also explain its importance in the organiz...
A: Employee benefits cover the indirect pay for the employees in an organization. Four major kinds of t...
Q: Summarizes the learnings about project management?
A: Manufacturing is the process of developing finished products using the raw materials and resources f...
Q: How the Just in Time (JIT) application improved the supply and distribution of outbound and inbound ...
A: The just-in-time supply chain plans to reduce timing deferrals and expenses by perfecting the timing...
Q: how does unethical business practices degrade the quality of the experience a customer has with a se...
A: Ethical business is indeed the process of doing business in such a manner that all commercial action...
Q: Match Lean Operations, JIT, and TPS with the conceptsLO 16.5 Kanban is the Japanese word for:shown b...
A: Production and operation management can be stated as the approach which changes or transforms the in...
Q: A. restaurant is opening in Laie and is going to cater to the rich and the famous. It is a 35 seat ...
A: GIVEN,
Q: Discount-Mart (see Problem 16.8), as part of its newLean program, has signed a long-term contract wi...
A: Given Details Coming up next are particulars about the organization DM: Yearly interest is 2,000 li...
Q: Given the following four capacity alternatives, find the best production method for every production...
A: Fixed costs are described as the costs that do not change or are independent of the number of servic...
Q: Question 5 A company's forecast of demand in shown in the following table. Regular production costs ...
A: A level aggregate plan keeps a consistent labor force and delivers a similar measure of the item in ...
Q: Component D consists of 4 units of A, 1 unit of B, and 2 units of C. The table and figure indicate w...
A: From the given information, the following table can be prepared. Facility Components A B C...
Q: What are the considerations in choosing the best locator system?
A: Beginning a business takes a huge load of work. You will probably go through months on assignments l...
Q: Using naïve method to make a forecast involving data with trend, the forecasted sales volume for wee...
A:
Q: Part 1: For the activities, duration, and sequence shown in the table below, prepare a Gantt chart w...
A: A Gantt chart is a project management device that illustrates a project plan. It typically includes ...
Q: What is a poverty trap? State the crucial assumptions underlying Galor and Zeira’s overlapping gener...
A: The Galor-Zeira model is the first macroeconomic model based on wealth driven poverty trap. The mode...
Q: After the purchasing department approves the purchase requisition, a _____ will be prepared to acqui...
A: Seller is the person from whom the company purchases its raw materials and resources for manufacturi...
Q: Which of the following statements is NOT true about the process capability ratio? a. The process ca...
A: Process capability ratio (Cp) is a statistical tool which helps to identify whether process meet the...
Q: for each medium with its audience coverage is given below. Television Newspaper Radio Cost per adver...
A: Here given decision variables -T = No. of Television adsN = No. of Newspaper adsR = No. of Radio ads
Q: a. Use linear regression to find a relation to forecast Y, which is the quality parameter from the c...
A: The Equation of Linear Regression, The equation is Y= a + b*X, where Y is the dependent variable (th...
Q: D1 D2 D3 D4 demand 2 2- S00 2// This table is the solution of the problem S1 500 Me XS Find the opti...
A: We have to understand that Stepping Stone Method is used to verify the optimality of such an initial...
Q: Hybrid ERP systems are beneficial for companies based in multiple geographical locations. Select o...
A: Enterprise Resource Planning often called ERP systems amalgamate the processes important for handlin...
Q: The integration of the lowest level of the WBS with the organization units responsible for performin...
A: A Small Introduction about Organization The association is cooperating in a planned manner to acc...
Skinnerís Fish Market buys fresh Boston bluefish daily for $5.60 per pound and sells it for $9.80 per pound. At the end of each business day, any remaining bluefish is sold to a producer of cat food for $3.80 per pound. Daily demand can be approximated by a
1. What inventory model should be used to determine the order quantity to maximize the total expected proÖt? Why?
2. What is the service level under the optimal order quantity?
3. How much fresh Boston blueÖsh should Skinnerís Fish Market order so as to maximize the total expected proÖt?
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- Bakery A sells bread for $2 per loaf that costs $0.50 per loaf to make. Bakery A gives an 80% discount for its bread at the end of the day. Demand for the bread is normally distributed with a mean of 300 and a standard deviation of 30. What order quantity maximizes expected profit for Bakery A? (use the normal distribution table posted on Canvas and round up to the nearest integer)3. Skinner’s Fish Market buys fresh Boston bluefish daily for $4.20 per pound and sells it for $6 per pound. At the end of each business day, any remaining bluefish is sold to a producer of cat food for $3 per pound. Daily demand can be approximated by a normal distribution with a mean of 64 pounds and a standard deviation of 11 pounds. What is the optimal order quantity (stocking level)? Round your answer to 2 decimal places. Answer:_______The materials manager for a billiard ball maker must periodically place orders for resin, one of the raw materials used in producing billiard balls. She knows that manufacturing uses resin at a rate of 50 kilograms each day, and that it costs $.04 per day to carry a kilogram of resin in inventory. She also knows that the order costs for resin are $100 per order, and that the lead time for delivery is four days. If the order size was 1,000 kilograms of resin, what would be the average inventory level?
- Green Grass Industries Limited (GGIL) has used a fixed-time period inventory system that involved taking a complete inventory count of all items each month. However, increasing labor costs, are forcing GGIL, to examine alternative ways to reduce the amount of labor involved in inventory stockrooms, yet without increasing other costs, such a shortage costs. Table 10 is a random sample of 20 GGIL's items. Table 10. Annual Usage by Value of a sample of GGIL's Inventory Item Number Annual Usage ($) Item Number Annual Usage ($) 1 10,600 11 2,750 2 14,000 12 1,400 3 4,000 13 3,200 4 16,000 14 2,500 5 8,100 15 110,000 1,800 16 14,800 7 84,000 17 9,500 8. 890 18 1,700 9 940 19 3,700 10 94,000 20 12,500 a) What would you recommend GGIL to do to cut back its labor cost? (Illustrate using an ABC plan). b) Item 18 is critical to continued operations at GGIL. i. How would you recommend it be classified? ii. Give the reason(s) for your answer.Catlea Merchandising is engaged in selling school shoesfor both boys and girls in their teenage years. Catlea needs 32,000 pairs of shoes in a year in order to satisfy the market demand. It costs ₱ 48 to place an order while ₱ 8 is needed to hold each quantity of shoe in Catlea's inventory. Upon checking on Catlea's supplier, it takes 8 days in between placing an order and eventually receiving it. a. Determine the Economic Order Quantityb. Determine the number of order per monthc. Determine the reorder pointAmong the following multi-period inventory models, which one has the highest probability of stockout? A. Fixed Order Quantity with Safety Stock B. Fixed Time Period Model C. Fixed Order Quantity D. Both Fixed Order Quantity & Fixed Order Quantity with Safety Stock
- A drugstore uses fixed-order cycles for many of the items it stocks. The manager wants a service level of .99. The order interval is 12 days, and lead time is 4 days. Average demand for one item is 63 units per day, and the standard deviation of demand is 6 units per day. Given the on-hand inventory at the reorder time for each order cycle shown in the following table. Use Table. Cycle On Hand 1 38 2 10 3 93 Determine the order quantities for cycles 1, 2, and 3: (Round your answers to the nearest whole number) Cycle Units 1 1019 Numeric ResponseEdit Unavailable. 1019 incorrect. 2 1047 Numeric ResponseEdit Unavailable. 1047 incorrect. 3 964 Numeric ResponseEdit Unavailable. 964 incorrect.A company operates for 50 weeks a year and uses a fixed quantity inventory system for one of its most important items. Below are the characteristics for the item: Weekly demand follows normal distribution: mean of 400 units and standard deviation of 100 units Order Cost = $40 per order Annual Holding cost = $2/unit/year Desired service level = 95% (z = 1.645) Lead Time = 4 weeks Economic Order Quantity (EOO) = 894 units Now suppose that the management is considering switching to a fixed time inventory system where the time between orders is 2 weeks. Everything else being the same as the information provided for the original problem, which system (Q or P system) is likely to have more safety stock? Please explain why.Palin’s Muffler Shop has one standard muffler that fits a large variety of cars. The shop wishes to establish a periodic review system to manage inventory of this standard muffler. Use the information in the following table to determine the optimal inventory target level (or order-up-to level). Annual demand 2,750 mufflers Ordering cost $ 35 per order Standard deviation of daily demand 6 mufflers per working day Service probability 76 % Item cost $ 28.00 per muffler Lead time 4 working days Annual holding cost 22 % of item value Working days 275 per year Review period 21 working days a. What is the optimal target level (order-up-to level)? If the service probability requirement is 93 percent, the optimal target level will: Increase Decrease Stay the same
- 13.13 The TransCanada Lumber Company and Mill processes 10,000 logs annually, operating 250 days per year. Immediately upon receiving an order, the logging company's supplier begins delivery to the lumber mill at the rate of 60 logs per day. The lumber mill has determined that the ordering cost is $1600 per order, and the cost of carrying logs in inventory before they are processed is $15 per log on an annual basis. Determine the following: a. The optimal order size b. The total inventory cost associated with the optimal order quantity c. The number of operating days between orders d. The number of operating days required to receive an orderJim's Job Shop buys two parts (Tegdiws and Widgets) for use in its production system from two different suppliers. The parts are needed throughout the entire 52-week year. Tegdiws are used at a relatively constant rate and are ordered whenever the remaining quantity drops to the reorder level. Widgets are ordered from a supplier who stops by every three weeks. Data for both products are as follows: a. What is the inventory control system for Tegdiws? Reorder quantity = 1,225 Reorder point = 824.24 b. Find the total inventory costs if using inventory policy. This is a case considering safety stock (Do not use Excel, show your work) Holding cost per unit per year is given as a percentage of item cost ITEM TEGDIW WIDGET Annual Demand 10,000 5,000 Holding cost (% of item cost) 20% 20% Set up or order cost $150.00 $25.00 Lead Time 4 weeks 1 week Safety stock 55 units 5 units Item cost $10.00 $2.00Echo Airplane buys and sells its products. One of them has the following demand forecasts for the next 5 months. data: month 1= 55 month 2= 85 month 3= 105 month 4= 120 month 5= 115 It costs $20 to place an order, the product cost is $2.00, and the monthly cost of holding inventory is 12.5%. Use the minimum unit cost (LUC) heuristic to determine the ordering sequence for following monthly demands a) Calculate the cost of the heuristic Please do fast ASAP
![Purchasing and Supply Chain Management](https://www.bartleby.com/isbn_cover_images/9781285869681/9781285869681_smallCoverImage.gif)
![Purchasing and Supply Chain Management](https://www.bartleby.com/isbn_cover_images/9781285869681/9781285869681_smallCoverImage.gif)