Harvey gold the owner of harveys specialty shop orders an, Ask an Expert

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Harvey Gold, the owner of Harvey's Specialty Shop, orders an unusual olive from the island of Santorini, off the Greek coast. Over the years, Harvey has noticed considerable variability in the time it takes to receive the orders of these olives. On average, the order lead time is four months and the standard deviation is six weeks (1.5 months). Monthly demand for the olives is normally distributed with mean 15 and standard deviation 6. Harvey is willing to accept no more than a 6 percent risk of stockout during the leadtime. Determine the Reorder point (ROP) for this data?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M92185099

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