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An automotive warehouse are selling special spare part. It's purchased by the warehouse for $1.5 each .the cost of order is $100 per order. The company uses inventory carrying cost based on 28% annual interest rate. The monthly demand from this spare part follows normal distribution with mean 280 and standard deviation 77. Order lead time is 5 months. If the warehouse is out of stock, all demand will be back-ordered with cost of is $12.8 per part. Determine the following:

Suppose that the probability of no stockout in a cycle is 0.95. find the optimal value of (Q, R) in this case

Suppose a fill rate of at least 95% is required, find the optimal value of (Q, R) in this case

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M92177075

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