A firm orders apparels from a distant country and can order only once for the entire season. This ordering follows the assumption of the newsvendor model. The firm forecasts that their average demand is likely to be 8500 units. The firm believes that the possible variation in demand is normally distributed and the standard deviation is 650 units. If the apparel cost is $3, the selling price is $25 and the scrap value is zero, what is the ideal order quantity for this apparel?
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- 13 Pam’s demand for hats is normally distributed with mean 500 and standard deviation 100. She sells her hats for $50 each and buys hats for $10 each, and anything she can't sell by the end of the year, the wholesaler will buy for $5 each. How many hats should she order for next year to maximize profit?A retailer uses a periodic review order-up-to model to control the inventory of one of its high volume products. Average demand is 2580 units per week with a standard deviation of 1270. The review period is 5 weeks, the lead time is 11 weeks, and the safety factor used is 0.61. How many stockouts should the retailer expect for this product next year?Daily demand for fresh cauliflower in the ZZ-Warehouse store follows normal distribution with mean 100 cartons and s.d. 20 cartons. The ZZ-Warehouse buys at a cost of $50.00 per carton, sells it for $70.00 per carton. Unsold cartons are sold for $20.00 per carton. Cost of shortage = 70-50 = 20; cost of excess = 50-20 = 30; Ratio using (20.1), the service level = (20/(20+30))= 0.4 What is the optimal order quantity, using the single period – continuous demand model? a. 105 b. 95 c. 110 d. 100 e. 80
- A newsvendor orders 8000 units. Demand is normally distributed with a mean of9000 and a standard deviation of 2000. What is the stockout probability?Please answer questions 9 and 10 based on this data. Daily demand for packages of five videotapes at a warehouse store is found to be normally distributed with a mean of 50 and a standard deviation of 5. When the store orders more tapes, the orders take four days to arrive. Assume the store is open 360 days a year. If the store wants the probability of stocking out to be no more than 5%, and demand each day is independent of the day before, what should be the safety stock? Please round your answer to two decimals. Safety stock= 17 Question 10 4 pts If the store wants the probability of stocking out to be no more than 5%, and demand each day is independent of the day before, what reorder point should be set? Please round your answer to two decimals. Reorder point=Gyona purchases meat from the local supermarket at $5 per kilo and sell it at $9 per kilo. any unsold meat is sold to the Chinese restaurant near by at $2 per kilo. Gyona is sure that the demand follows a normal distribution with a mean of 100 kilograms and a standard deviation of 15 kilograms. - How many kilograms should she order each day?
- The Fast Service Food Mart stocks frozen pizzas in a refrigerated display case. The average daily demand for the pizzas is normally distributed, with a mean of 8 pizzas and a standard deviation of 2.5 pizzas. A vendor for a packaged food distributor checks the market’s inventory of frozen foods every 10 days, and during a particular visit, there were no pizzas in stock. The lead time to receive an order is 3 days. Determine the order size for this order period that will result in a 99% service level. During the vendor’s following visit, there were 5 frozen pizzas in stock. What is the order size for the next order period?Furnitures sells office chairs ordered from its flagship store. It costs $100 to place an order, and the lead time is two weeks. Demand during lead time is N(40, 1.96). in future goodwill. It pays $60 for each chair and sells it for $100. The annual holding a chair inventory is 30% of its purchase cost. Furnitures estimates that each stockout causes a loss of $50 a) Assuming that all demand is backlogged, what are the reorder point and the safety stock level? b) To meet 99% service objective, what should be the safety stock level for Type 1 Service? For Type 2 Service?A health and nutrition store stocks a multivitamin with an annual demand of 1,000 bottles has Co probability distribution with μ = 25 and σ = 5. (a) What is the recommended order quantity? (Round your answer to the nearest integer.) = $23.50 and C = $9. The demand exhibits some variability such that the lead-time demand follows a normal (b) What are the reorder point and safety stock if the store desires at most a 4% probability of stock-out on any given order cycle? (Round your answers to the nearest integer.) reorder point safety stock (c) If a manager sets the reorder point at 30, what is the probability of a stock-out on any given order cycle? (Round your answer to four decimal places.) How many times would you expect a stock-out during the year if this reorder point were used? (Round your answer to the nearest integer.)
- Dan's Independent Book Store is trying to decide how many copies of a book to purchase at the start of the upcoming selling season. The book retails at $28.00. The publisher sells the book to Dan at $20.00. Dan will dispose of all of the unsold copies of the book at 50% off the retail price, at the end of the season. Dan estimates that demand for this book during the season is normal with a mean of 1000 and a standard deviation of 250. The publisher is thinking of offering the following scheme to Dan. At the end of the season, they will buy back unsold copies at a pre-determined price of $17.00. However, Dan would have to bear the costs of shipping unsold copies back to the publisher at $1.00 per copy. What is the quantity that Dan should order, to maximize his expected profits?Chris usually sells 120 copies of newspaper each day and believe that sale are normally distributed, with a standard deviation of 15 papers. He pays 70 cents for each paper, which sells $1.25. For each unsold paper, he receives 30-cent credit. a) determine how many papers he should order each day b) calculate the stockout risk for that quantity.XYZ Company must order tires from its warehouse. It costs $10550 to place an order and to review the inventory level. Annual tire sales are normally distributed with mean 20000 and variance 4,000,000. It costs $10 per year to hold a tire in inventory, and each order arrives two weeks after being placed. The Company uses periodic review (R, S) policy. What is the review interval R (in years), estimated using EOQ.? Select one: a. 1.027 O b.0.1083 c. 0.2297 d. 0.1624 e. 0.3248