Economic order quantity Essays & Research Papers

Best Economic order quantity Essays

  • Manufacturing and Economic Order Quantity
    FabQual Ltd. (This case appears in the textbook on pages 463-464 of the second edition and page 464 of the third edition. I have changed the British £ sign to the U.S. $ sign on the monetary data. You can use U.S. $ for all monetary answers.) FabQual Ltd. Manufactures parts and subassemblies for a number of small-volume manufacturers of specialized construction equipment, including bulldozers, graders, and cement mixers. FabQual also manufactures and distributes spare parts. The company has...
    553 Words | 2 Pages
  • Economic Order Quantity - 9257 Words
    Chapter 8 The Economic Order-Quantity (EOQ) Model Leroy B. Schwarz Purdue University The economic order-quantity model considers the tradeoff between ordering cost and storage cost in choosing the quantity to use in replenishing item inventories. A larger order-quantity reduces ordering frequency, and, hence ordering cost/ month, but requires holding a larger average inventory, which increases storage (holding) cost/month. On the other hand, a smaller order-quantity reduces average...
    9,257 Words | 26 Pages
  • Research: Economic Order Quantity
    2 EOQ Model The first model we will present is called the economic order quantity (EOQ) model. This model is studied first owing to its simplicity. Simplicity and restrictive modeling assumptions usually go together, and the EOQ model is not an exception. However, the presence of these modeling assumptions does not mean that the model cannot be used in practice. There are many situations in which this model will produce good results. For example, these models have been effectively...
    8,978 Words | 58 Pages
  • Economic Order Quantity - 849 Words
    The Economic Order Quantity (EOQ) is the number of units that a company should add to inventory with each order to minimize the total costs of inventory—such as holding costs, order costs, and shortage costs. The EOQ is used as part of a continuous review inventory system, in which the level of inventory is monitored at all times, and a fixed quantity is ordered each time the inventory level reaches a specific reorder point. The EOQ provides a model for calculating the appropriate reorder point...
    849 Words | 3 Pages
  • All Economic order quantity Essays

  • Economic Order Quantity - 2031 Words
    Contents 1. Executive Summary -03 2. Introduction -03 3. Objective of study -06 4. Research Methodology -06 5. Analysis and interpretation of data -07-13 6. Conclusion -13 7. References -15...
    2,031 Words | 7 Pages
  • Eoq, Economic Order Quantity
    EOQ INVESTIGATION. PAPER. ECONOMIC ORDER QUANTITY (EOQ) An Economic Order Quantity is the optimal number of order that minimizes total variable costs required to order and hold inventory, that is to say, that EOQ helps us to determine the appropriate amount and frequency when ordering and holding inventory. EOQ is used as part of a continuous review inventory system, in which the level of inventory is monitored at all times, and a fixed quantity is ordered each time the inventory level...
    704 Words | 3 Pages
  • Economic Order Quantity - 2415 Words
    Worked Examples for Chapter 18 Example for Section 18.3 Computronics is a manufacturer of calculators, currently producing 200 per week. One component for every calculator is a liquid crystal display (LCD), which the company purchases from Displays, Inc. (DI) for $1 per LCD. Computronics management wants to avoid any shortage of LCDs, since this would disrupt production, so DI guarantees a delivery time of 1/2 week on each order. The placement of each order is estimated to require 1 hour...
    2,415 Words | 11 Pages
  • Economic Order Quantity - 501 Words
    Economic Order Quantity Model (EOQ) Managing inventory is an important task for every business that holds it. There are many costs that occur because of inventory that need to be minimized, while still providing enough inventory to operate without losing customer business. The EOQ Economic Order Quantity model is used to minimize these inventory related costs. You will find the EOQ Economic Order Quantity formula above, as well as the EOQ Economic Order Quantity calculator. Inventory can...
    501 Words | 2 Pages
  • Economic Order Quantity Test Questions
    OPRE 6302. OM : Economic Order Quantity 1 1.1 Solved Exercises Statement of Exercises 1. [Deducing Demand] Cindy and Mindy were in the same student group while studying for their MBA at UTD. They graduated together but started working as inventory managers in different but competing retailers selling air conditioners in Dallas. While in school, they learned only the economic order quantity model for finding the optimal order sizes. Now they are both purchasing air conditioners from Trane...
    1,737 Words | 5 Pages
  • Economic Order Quantity and Its Implementation on Business
    ECONOMIC ORDER QUANTITY AND IT’S IMPLMENTATION IN BUSINESS Any business man, executive, and entrepreneur should know the basic tools for a company to develop in the market, regardless how big the business is, there are many factors involve. It is very important in every business to handle well developed financial and logistics processes. In order for a company to handle a correct logistic, without matter if it is a goods or services company, it is necessary to identify many factors. Some of...
    1,109 Words | 3 Pages
  • Economic Order Quantity and Significant Predictor.
    1. Stock prices over a period of fifty (50) years would most likely exhibit no cyclical component. a. True b. False 2. On the plot labeled “a”, which of the following is correct? a. There is a trend present. b. There is a linear relationship. c. There is an obvious outlier. d. There is a negative relationship. 3. On the plot labeled “b”, there is an outlier present. a. True b. False 4. On the plot labeled “c”, which of the...
    2,209 Words | 19 Pages
  • Economic Order Quantity and Optimal Order Size
    Tutorial 9 – Inventory Model Question 1 The Metropolitan Book Company purchases papers from the Atlantic Paper Company. Metropolitan produces magazines and paperbacks that require 1,215,000 pounds of paper per year. The cost per order for the company is $1200; the cost of holding 1 pound of paper in inventory is $0.08 per year. Determine the following: a) The economic order quantity b) The minimum total annual cost c) The optimal number of orders per year d) The optimal time between...
    321 Words | 2 Pages
  • Order Size Transportation Costs And Economic Order Quantity
     Order Size, Transportation Costs, and Economic Order Quantity Jerome Benedict 604 488 9691 Prepare answers to the following questions prior to class. In class you will be given time to discuss your findings in small groups. Be prepared to present your findings either individually, or as a group, to the class. This discussion exercise is worth 2.5% of the overall mark for this module. 1. Is it reasonable to think order sizes are infinitely variable? How does this relate to LTL...
    846 Words | 4 Pages
  • Economic Order Quantity and Decimal Places
    1. value: 10 points Problem 10-1 Specifications for a part for a DVD player state that the part should weigh between 25.2 and 26.2 ounces. The process that produces the parts has a mean of 25.7 ounces and a standard deviation of .25 ounce. The distribution of output is normal. Use Table-A. | a. | What percentage of parts will not meet the weight specs? (Round your "z" value and final answer to 2 decimal places. Omit the "%" sign in your response.) | Percentage of parts...
    2,501 Words | 16 Pages
  • Economic Order Quantity and Cycle Service Level
    OPERATIONS MANAGEMENT B3401 ASSIGNMENT # 3 (Total 100 points) Due on Nov 16 2010 (Tuesday) (Write your name, student #, section # in which you are registered) Q1. (Total 20 points) The FS factory can produce wieners at a rate of 5,000 per day. FS supplies wieners to local stores at a steady rate of 250 per day. The cost of preparing the equipment for producing wieners is $22. Annual holding costs are 15 cents per wiener. The factory operates 300 days a year. Find: 1) The optimal total...
    470 Words | 2 Pages
  • Inventory and Order Quantity - 2304 Words
    INVENTORY MANAGEMENT Learning Objectives: • • To understand the different types of inventory and the reasons for maintaining inventory • • To learn how to analyze inventory levels and effectiveness • • To develop strategies for managing inventory by answering the following questions I. Why do we have it II. What form should it take? III. Where do we keep it? IV. How much should we order? V. When should we order?...
    2,304 Words | 11 Pages
  • Explain the Economic Order Quantity (EOQ) from first principles
    Explain the Economic Order Quantity (EOQ) from first principles. EOQ, or Economic Order Quantity, was developed by F. W. Harris in1913, even if R. H. Wilson is recognized for his early deeply analysis of the model. Harris's original paper was disseminated; it actually was ignored for many years before its rediscovery in 1988. During this period, a lot misunderstanding developed over the origin of the EOQ model. The model is defined as the optimal quantity of orders that minimizes total...
    778 Words | 3 Pages
  • Discuss the Economic Order Quantity model (EOQ) and the Just-In-Time model (JIT), and identify the effectiveness of the two models.
    EXECUTIVE SUMMARY It is very important that successful enterprises need efficient stock control management. In reality, we usually use many stock control models such as the Economic Order Quantity model (EOQ) and Just-In-Time model (JIT). Efficiency gains in inventory management can bring significant improvement to overall company financial performance. In this report, rationale of the two models, effectiveness of the two models in practice, and use JIT system in McDonald company will be...
    4,656 Words | 19 Pages
  • Economics Test Questions - 1261 Words
    BUSN 603 MULTIPLE CHOICE QUESTIONS SET PART 2-8 http://www.coursehomework.com/product/busn-603multiple-choice-questions-set-part-2-8/ Contact us at:  +1 315-750-4434  help@coursehomework.com Final Exam BUSN 603 Multiple Choice Questions Set Part 2-8 Jane wants to set up a photo shop. The cost to rent is $150 per week. The variable cost of making one photo is $20 and she can sell it for $50. 1. Jane has to sell ______ photos per week to break even 2. If Jane sells 10 units ,her...
    1,261 Words | 4 Pages
  • Eoq and Jit Paper - 1330 Words
    Economic Order Quantity vs. Just-in-time Inventory Models Bettina Bradshaw Susan Day Tameka S. Levy Accounting April 20, 2011 There are several models that have been developed to deal with the trade-off between ordering and carrying costs of inventory. The two that will be discussed is the Economic Order Quantity (EOQ) model and the Just-in-time (JIT) model. First, the history and definition of the theories will be discussed. Secondly, there will be a comparison of these two models...
    1,330 Words | 4 Pages
  • Littlefield Technology - 1057 Words
    Littlefield Technologies Game 2 Strategy – Group 28 1. CUSTOMER ORDERS AND ORDERS WAITING FOR MATERIAL: When considering the demand level and changes, we would configure a time series of that data using short range forecasting. Time series are important because they are often the drivers of decision models. Trend projection and regression analysis models will be used to forecast the future demand as the growth of the demand increases at a lower level, increases to a higher level, and then...
    1,057 Words | 5 Pages
  • Ch08 Sm Petty Fmpa6e
     CHAPTER 8 Current asset management SOLUTIONS TO PROBLEMS 8-2* (a) Recommendation (i) 0.105 × $800 000 × 1/12 = $7,000 < $20,000 No (ii) 0.105 × $800,000 × 2/12 = $14,000 < $20,000 No (iii) 0.105 × $800,000 ×3/12 = $21,000 > $20,000 Yes (iv) 0.105 × $800,000 × 6/12 = $42,000 > $20,000 Yes (v) 0.105 × $800,000 ×12/12 = $84,000 > $20,000 Yes (b) Let y be the break-even yield. With $800,000 to invest for two months and a two-month holding period, we...
    1,805 Words | 9 Pages
  • Operating Management - 2078 Words
    1. Carrying costs include the following items, except: a. labor b. record keeping c. rent *d. all the above 2. Which of the following is not a cost associated with carrying inventory? *a. price discounts b. carrying costs c. ordering costs d. shortage costs 3. The level of inventory at which a new order should be placed is known as the a. lead time b. replenishment quantity *c. reorder point d. service level 4. A restaurant currently uses 62,500 boxes of...
    2,078 Words | 10 Pages
  • OMIS 2010 Practice Questions Final Exam NEW
    OMIS 2010 Examples from Final exams with solutions: 1.(20 pts) GNO is a retail phone-catalog company that specializes in outdoor clothing and equipment. A phone station at the company will be staffed with either full time operators or temporary operators 8 hours per day. Full time operators, because of their experience and training, process more and make fewer mistakes than temporary operators. However, temporary operators are cheaper because they receive a lower wage rate and they are not paid...
    1,929 Words | 19 Pages
  • Qat 4 - 373 Words
    Jason Walthour Student ID 305059 QAT Task 3 Order size for Company A. To find the order size for Company A you need to use the economic order quantity model. This will give the smallest total cost to the company. First you need to find the holding cost. To find the holding cost you multiply the annual holding cost rate by the unit cost of the item (Ch=IC). In this example the annual holding cost rate is 3% and the unit cost is $500 (Ch=3%X$500 or Ch=$15). Now that you have the...
    373 Words | 1 Page
  • Barilla: Poor Forecasting by Retailers and Distributors
    Barilla is facing several problems throughout their supply chain, and also some problems internal to the company. The biggest problem is the fluctuating demand and the number of stock-outs that are occurring throughout the supply chain. Barilla is facing problems with the way that information is being passed up the supply chain, problems with promotions, internal problems, and problems with getting the entire supply chain onboard for change. Promotions and Sales Representatives: The sales...
    2,269 Words | 7 Pages
  • Eoq and Moq - 519 Words
    Q 1. EOQ and MOQ are supplier-related terms, where EOQ shows the costs a supplier has that are associated with purchasing goods and MOQ shows the amount of goods required for purchase to pass on to the supplier’s customers. EOQ - Economic Order Quantity EOQ is basically an equation used to determine inventory stock. It figures the ideal quantity to order that a particular supplier should maintain in warehouse, determined by a consistent cost for production, demand,...
    519 Words | 2 Pages
  • Ice House Toys - 2396 Words
    Ice House Toys Case Study Khalid EL JARRARI Ice House Toys Index of contents Ice House Toys presentation I- Mail-Order Operation and prospects of change I-1 Capacity constraints I-2 Extension of the warehouse capacity I-3 Other ways to overcome capacity constraints I-4 The website impact on operations II- Long-term capacity planning issues III- Alternative purchasing policy IV- Overtime payment V-...
    2,396 Words | 7 Pages
  • Brs Mdm3 Tif Ch12
     Managerial Decision Modeling w/ Spreadsheets, 3e (Balakrishnan/Render/Stair) Chapter 12 Inventory Control Models 12.1 Chapter Questions Use this information to answer the following questions. A bakery buys sugar in 15-pound bags. The bakery uses 5000 bags of sugar each year. Carrying costs are $20 per bag per year. Ordering costs are estimated at $5 per order. Assume that the bakery is open 250 days a year and its daily demand is estimated at 20 bags. It takes 5 days for each order...
    1,687 Words | 12 Pages
  • Jawapan Past Years Opm 530
    JANUARY 2012 QUESTION 1 ‘Operation management is the set of activities that create value in the form of goods and service by transforming inputs into outputs’. Based on the statement, explain briefly the 10 Operation Management critical decisions i. Design of goods and services ii. Managing quality iii. Process and capacity design iv. Location strategy v. Layout strategy vi. Human resource and job design vii. Supply chain management viii. Inventory, material...
    1,483 Words | 6 Pages
  • Instructions to Student - 1034 Words
    nt MULTIMEDIA UNIVERSITY GROUP ASSIGNMENT BDS4614 / BDS2074 – MANAGEMENT DECISION SCIENCE INSTRUCTIONS TO STUDENT 1. This Assignment is a Group Assignment of not more than 2 students and consists of 5 pages with 5 Questions only. 2. Answer all the questions. All questions carry equal marks and the distribution of the marks for each question is given. 3. The hard copy of the answer booklet must be printed and must be submitted to your...
    1,034 Words | 7 Pages
  • important - 712 Words
    1 Joe's pizza parlor is attempting to minimize total inventory cost. The cost of each pizza is $1.25. The cost of capital is 18% and the physical cost of maintaining his pizza inventory is currently running at 2% of cost. Joe pays his secretary/bookkeeper $7.50 per hour. Joe's secretary can place an order in 15 minutes with materials and overhead cost of $15.00 per order. Records show, weekly pizza sales as follows: Weekly Pizza Sales Week Sales(units) 1 475 2 515 3 525 4 500 5...
    712 Words | 3 Pages
  • Sport Obermeyer - 1734 Words
    *Sport Obermeyer:* Case Analysis Pratyusha Lakshmi Puranam Executive Summary: Obermeyer offers a broad line of fashion ski apparel, including parkas, vests, ski suits, shells, ski pants, sweaters, turtlenecks, and accessories. Parkas are considered the most critical design component of a collection; the other garments were fashioned to match the parkas’ style and color. Their products were offered in five different genders: men’s, women’s, boys’, girls’, and preschoolers’. The...
    1,734 Words | 5 Pages
  • Shuzworld task 2 Decision Analysis Tables only
    Table A.1 Current Shipping Process Factory Capacity Warehouse Requirements Shanghai 1300 1 2500 Shuzworld H 2300 2 1500 Shuzworld F 2200 3 1800 Totals 5800 5800 Table A.2 Costs To/From Warehouse 1 Warehouse 2 Warehouse 3 Shanghai $4 $3 $3 Shuzworld H $3 $4 $2 Shuzworld F $2 $4 $6 Table A.3 - Low-Cost Method Data COSTS W1 W2 W3 Supply Shanghai 4 3 3 1300 Shuzworld H 3 4 2 2300 Shuzworld F 2 4 6 2200 Demand 2500 1500 1800 5800 \ 5800 Shipments ...
    478 Words | 10 Pages
  • Supply Chain Management Formulas
    NEWSVENDOR MODEL Too Much/Too Little Problem Maximize Expected Profit STEP 1: overage/underage costs Co = overage cost per unit Co = Variable Cost – Salvage value Cu = underage cost per unit Cu = Price – Cost (+ Future Cost) STEP 2: Find Critical Ratio F(Q*) = Probability demand < Q. Cu /Cu+ C0 = critical ratio/srvc level STEP 3: Calculate z from table. φ(Ζ) = Critical ratio STEP 4: Calculate Q* = optimal order quantity Ζ= from above (table) μ = mean σ =...
    1,173 Words | 9 Pages
  • Eoq Solution - 757 Words
    Q.1a) The following graph is EOQ model with planned shortages. Let the parameters from the basic EOQ model. d = constant demand rate K = setup cost for placing one order Q = order quantity h = inventory holding cost per unit of product per unit of time p = shortage cost per unit of product per unit of time S = inventory level just after an order of size Q arrives So, Q– S = Shortage in inventory just before an order of Q units is added Production or ordering cost...
    757 Words | 4 Pages
  • Operations Management - Assignment 3
    Operations Management Assignment 3 Q:Difference between different types of EOQ. Economic Order Quantity: The economic order quantity (EOQ) is the fixed order quantity (Q) that minimizes the total annual costs of placing orders and holding inventory (TC). This type of model is used when i) Demand is independent. ii) Compute how much to order. Economic Production Quantity: The economic production quantity (EPQ) is the production quantity (lot size) that minimizes the total...
    675 Words | 3 Pages
  • anupindi mbpf3 ch06 - 1738 Words
    Managing Business Process Flows: Ch 6 Supply Chain Management  Managing the Supply Chain    Key to matching demand with supply Managing materials waiting time Cost and Benefits of inventory  Inventory Analysis: Economies of Scale (Ch 6)   Palu Gear: Inventory management of a retailer: EOQ + ROP Levers for improvement Copyright © 2013 Pearson Education Inc. publishing as Prentice Hall 1 Key Financial Indicators of Supply Chain Performance Return on Assets  Net Present Value  … ...
    1,738 Words | 22 Pages
  • MSIS301 3rd exam - 876 Words
    1. Which of the following statements about learning curves is generally TRUE? a. management can dictate achievement of a certain rate of learning. b. learning curves were first quantified by Frank & Lillian Gilbreth. c. using the “doubling” model, a learning curve of 70% means the 20th unit takes 70% of the time that the 10th unit will take. d. learning curves are a recognition of the concept that the cost of each produced unit usually decreases with experience. 2. Which of the...
    876 Words | 4 Pages
  • Zhou Case - 546 Words
    BMGT524-1900-Global Operations Management 1) Develop an inventory plan to help ZBC. We will use EOQ Formula in order to derive some data for estimates. Annual demand = D = 439 Cost of Bicycle at whole sale (C) = 0.60*170 = $102 Carrying cost (H) = 12% of cost = 102 *.12 = 12.24 Ordering cost (S) = $65 per order Lead time = 4 weeks Re order point = ROP = daily demand x lead time (days) = 439/365 * 28 = 33.67 EOQ Formula Order quantity Q =...
    546 Words | 3 Pages
  • Case Analysis: Blanchard Importing and Distributing
    Managing Business Operations Case Analysis: Blanchard Importing and Distributing Co. Inc. (HBS Case 9 - 673 - 033) Submitted by: Tushar Kothavale (130) NMIMS, FT MBA 2009-2011 1) Correct the Economic Order Quantity (EOQ) and Reorder point (ROP) quantities for each of the five items mentioned in the case. We first predict the annual demand for the year 1972 based on trend for 4 months of 1972 based on corresponding months of 1971. Calculations for Annual demand (R): The assumption made here...
    1,410 Words | 13 Pages
  • Supply Chain Management: Study Notes
    SYST 4050 Supply Chain Management – Homework 5 1. Harley Davidson has its engine plant in Milwaukee and its motorcycle assembly plant in Pennsylvania. Engines are transported between the two plants using trucks, with each trip costing $1,000. The motorcycle plant assembles and sells 3000 motorcycles a year. Each engine costs $500, and Harley incurs uses holding cost of 20 percent. a) How many engines should Harley load onto each truck (i.e. what is the optimal order quantity)? D =...
    675 Words | 4 Pages
  • Practice Questions - 1104 Words
    PRACTICE QUESTIONS FOR NEWSVENDOR MODEL 1. Burger prince buys top-grade ground beef for $3 per kg. A large sign over the entrance guarantees that the meat is fresh daily. Any leftover meat is sold to the local high school cafeteria for $2 per kg. Eight hamburgers can be prepared from each kilogram of meat. Burgers sell for $2 each. Labour, overhead, meat, buns and condiments cost $1 per burger. Demand is normally distributed with a mean of 400 kg per day and a standard deviation of 50 kg per...
    1,104 Words | 4 Pages
  • Inventory Question - 1350 Words
    Interview Questions Answers - Inventory Management [12:27 PM | ] 1. What is inventory control? Answer: Inventory control is the process of reducing inventory costs while remaining responsive to customer demands. By this definition a store would want to lower its acquisition, carrying ordering and stock-out costs to their lowest possible levels. However a store would need to have enough inventories to meet any needs of its customers. 2. What does inventory affect in a store? ...
    1,350 Words | 5 Pages
  • MgtOp 340 Final Exam Notes
    MgtOp 340 Exam 2 EOQ Suppose that JJ Inc. has a production rate of 250,000 units per year and a demand of 800 per day. JJ has a setup cost of $40, and a holding cost percentage of 25%. JJ sells their product for $50 and it costs them $30 to produce it. If JJ works for 250 days per year, what is the optimal batch size? p=(250,000/250days)=1,000 P=250,000(production rate) d=800 D=(800*250days)=200,000 S=$40 I=.25 c=$30 H=(.25*30)=7.5 Optimal batch size =>...
    5,984 Words | 33 Pages
  • Sample Test2 Fall 2014
    MgtOp 340 Sample Exam 2 (Fall 2014) Instructions (1) The exam is open book and open notes. You can bring any paper material (such as books, notes, practice tests, homework, and etc.) to the test. However, you can not use cell phones, tablets, or computers. (2) In the real test, for the multiple choice questions, you may need to select the correct option from option A to N. (3) Remember to bring the book “Goal” to the test since there will be three questions asking about the “Goal” (Chapter...
    1,199 Words | 8 Pages
  • Case Analysis: Blanchard Importing and Distributing Co. Inc. (Hbs Case 9 - 673 - 033)
    Managing Business Operations Case Analysis: Blanchard Importing and Distributing Co. Inc. (HBS Case 9 - 673 - 033) Submitted by: Tushar Kothavale (130) NMIMS, FT MBA 2009-2011 1) Correct the Economic Order Quantity (EOQ) and Reorder point (ROP) quantities for each of the five items mentioned in the case. We first predict the annual demand for the year 1972 based on trend for 4 months of 1972 based on corresponding months of 1971. Calculations for Annual demand (R): The assumption...
    1,526 Words | 5 Pages
  • Decision Analysis Task 2
    Shuzworld Task 2 Charlene Taylor WGU 000345193 Shuzworld Task 2 I was asked to provide a distribution pattern that minimizes shipping costs and provides adequate availability and demand. I used transportation modeling to solve this problem. Transportation modeling is “an interactive procedure that finds the least costly means of moving products from a series of sources to a series of destinations” (Heizer & Render, 2011). This tool is used to determine the best distribution pattern for...
    901 Words | 3 Pages
  • solutions to homework-1 - 1845 Words
    ISyE 6201: Manufacturing Systems Instructor: Spyros Reveliotis Solutions to Homework 1 A. Chapter 2, Problem 4. (a) D = 60 units/wk × 52 wk/yr = 3120 units/yr h = ic = 0.25/yr ×$0.02 = $0.005/ yr A = $12 2AD 2 × 12 × 3120 Q∗ = = = 3869.88 ≈ 3870 h 0.005 The time between orders is given by 3870 Q∗ = = 1.24 yr = 14.88 mo T∗ = D 3120 (b) D 3120 units/yr = $12 = $9.67/yr Q 3870 units Q 3870 units Holding cost is h = × $0.005/yr = $9.675/yr. 2 2 The costs are...
    1,845 Words | 16 Pages
  • The Eoq Inventory Formula - 2324 Words
    The EOQ Inventory Formula James M. Cargal Mathematics Department Troy University – Montgomery Campus A basic problem for businesses and manufacturers is, when ordering supplies, to determine what quantity of a given item to order. A great deal of literature has dealt with this problem (unfortunately many of the best books on the subject are out of print). Many formulas and algorithms have been created. Of these the simplest formula is the most used: The EOQ (economic order quantity) or...
    2,324 Words | 15 Pages
  • OM 300 Final Exam Study Guide- Petty
    Chapter 4: Forecasting Forecasting Steps  1. Determine the use of the forecast 2. Select the item tot be forecasted 3. Determine the time horizon of the forecast 4. Select the forecasting model(s) 5. Gather the data 6. Make the forecast 7. Validate and implement results Forecasting Methods  Quantitative Methods: used when situation it “stable” and historical data exists; existing products and current technology are key; involves mathematical techniques; ex: forecasting sales of...
    2,618 Words | 12 Pages
  • Newsvendor Problem - 3089 Words
    Proposal – Generalizations of Newsvendor Problem 1. Introduction: The newsvendor model has been used in operations management and applied economics for years to determine optimal ordering quantity under uncertain demand. Perishable goods such as banana and lettuce cannot be carried from one period to another. Managers have to make decision on the inventory level of perishable goods over a very limited period. For example, due to the uncertainty of the demand of the newspaper, the...
    3,089 Words | 11 Pages
  • EOQ - 378 Words
    ECONOMIC ORDER QUANTITY (EOQ) MODEL The economic order quantity (EOQ) is the order quantity that minimizes total holding and ordering costs for the year. Even if all the assumptions don’t hold exactly, the EOQ gives us a good indication of whether or not current order quantities are reasonable. What is the EOQ Model? Cost Minimizing “Q” Assumptions: Relatively uniform & known demand rate Fixed item cost Fixed ordering and holding cost Constant lead time (Of course, these assumptions don’t...
    378 Words | 2 Pages
  • Reference Dependence in Multilocation Newsvendor
    MANAGEMENT SCIENCE informs Vol. 56, No. 11, November 2010, pp. 1891–1910 issn 0025-1909 eissn 1526-5501 10 5611 1891 ® doi 10.1287/mnsc.1100.1225 © 2010 INFORMS Reference Dependence in Multilocation Newsvendor Models: A Structural Analysis Teck-Hua Ho Haas School of Business, University of California, Berkeley, Berkeley, California 94720, hoteck@haas.berkeley.edu Noah Lim Wisconsin School of Business, University of Wisconsin–Madison, Madison, Wisconsin 53706,...
    14,191 Words | 114 Pages
  • production control - 785 Words
    1) The manager of an automobile repair shop hopes to achieve a better allocation of inventory control efforts by adopting an A-B-C approach to inventory control. a) Given monthly usages in the following table, classify the items in A, B and C categories according to dollar usage: Item Usage Unit Cost 4021 90 $1,400 9402 300 12 4066 30 700 6500 150 20 9280 10 1,020 4050 80 140 6850 2,000 10 3010 400 20 4400 5,000 5 a) In descending order: Item Usage x Cost 4021 $126,000...
    785 Words | 13 Pages
  • Inventory Exercises - 440 Words
    Inventory Exercises 1. At Dot Com, a large retailer of popular books, demand is constant at 32,000 books per ear. The cost of placing an order to replenish stock is $10 and the annual cost of holding is $4 per book. Stock is received five working days after an order has been placed. No backordering is allowed. Assume 300 working days a year. a. What is Dot Com’s optimal order quantity (EOQ)? b. What is the optimal number of order per year? c. What is the optimal interval (in working...
    440 Words | 2 Pages
  • Slayton Furniture - 258 Words
    Slayton's Furniture Store Fakta DOVETAIL BEDROOM SET ITEM NOMINAL Selling price (each) $1,000 Unit cost (each)* $600 Average annual sales 80 sets Ordering cost** $40 per order Annual carrying cost*** 30% Safety stock 2 sets Wright per set 1000 lb Lead time (average) 4 weeks *Excludes freight cost **This cost includes receiving ($20 per order) and paperwork ($20 per order) ***This cost includes the cost of capital (15%), insurance...
    258 Words | 4 Pages
  • Accg301 Week 5 Tutorial Answers
    Suggested answers of the tutorial questions EXERCISE 15.25 1 Safety stock: The lead time is one month, so the safety stock is equal to the difference between average monthly usage and the maximum usage in a month. Average monthly usage is 70 tonnes (840/12), and the maximum usage is 80 tonnes. Therefore, the safety stock is 10 tonnes (80 – 70). 2 Reorder point: The reorder point is 80 tonnes. This is the maximum amount of the chemical that would be used in a month, and this is...
    855 Words | 9 Pages
  • Reorder - 4466 Words
    16 Managing stock levels: materials management and inventory control Prerequisites Objectives For part of this chapter you will find it useful to have some knowledge of the normal distribution (see Chapter 8: The shape of data: probability distributions) To be able to calculate the costs associated with holding stocks To be able to calculate the order quantity that would minimize these costs To know how to decide whether it is worthwhile to buy in bulk in order to obtain a price discount...
    4,466 Words | 14 Pages
  • Managing Flow Variability - 4864 Words
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