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The daily demand for a particular product is normally distributed with a mean of 80 units per day and a standard deviation of 30 units per day. The company places an order every 10 days. Once an order is placed, it takes 4 days for the order to be received. The company wants the probability of meeting demand after placing an order to be at least 98%.

What is the target level required to meet the 98% probability?

Suppose 300 units are in stock at the next review, how many units should be ordered?

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Operation Management, Management Studies

Category:- Operation Management
Reference No.:- M92539686

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