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Management Studies

Given the following information, formulate a continuous-review inventory management system. The item is demanded 50 weeks a year.

Item cost	$10	Standard deviation of weekly demand
Order cost	$250	Standard deviation of weekly demand	25 per week
Annual holding cost (%)	33% of item cost	Lead time	1 week
Annual demand	25,750	Service probability	95%
Average demand	515 per week

Compute the order quantity and reorder point. Please provide formulas and caluculations.

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M9374541

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