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Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. Item cost $ 9.00 Standard deviation of weekly demand 30 per week Order cost $ 250.00 Lead time 3 weeks Annual holding cost (%) 34 % of item cost Service probability 98 % Annual demand 27,500 Average demand 550 per week Determine the order quantity and reorder point.

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M91630032

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