Critically evaluate decision to use the Economic Order Quantity (EOQ) model as part of the approach to the management of inventories.
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Critically evaluate decision to use the Economic Order Quantity (EOQ) model as part of the approach to the management of inventories.
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Why do we use "Specifications or bill of material" in the dependent inventory model?Define Vendor Managed Inventory and the ABC system.
- Explain Planning and Replenishment concepts related to Independent demand inventory?Xemex has collected the following inventory data for the six items that it stocks: ITEM CODE UNIT COST ($) ANNUAL DEMAND (UNITS) ORDERING COST ($) CARRYING COST AS A PERCENTAGE OF UNIT COST 1 10.60 600 40 20 2 11.00 450 30 25 3 2.25 500 50 15 4 150.00 560 40 15 5 4.00 540 35 16 6 4.10 490 40 17 Lynn Robinson, Xemex’s inventory manager, does not feel that all of the items can be controlled. What ordered quantities do you recommend for which inventory product(s)?Give 3 examples of inventory risk.
- The Meeras Cafeteria at the College of Economics and Political Science serves cooked food including shawarma and hamburgers, as well different types of drinks and packaged food products 1/ What type of inventory system would you suggest for the Meeras Cafeteria - Continuouis Review or Periodic Review? What is the reason for your answer. 2) To implement the system you suggest, what data will you need, and how do you obtain this data. 3) Once you have identified the needed data, explain how you can implement the inventory management system. Indicate a recommended service level, how you will decide the order quantities and how inventory will be monitored.Master Company has obtained the following costs and other information pertaining to one of its materials: Working days per year Normal use per day (units) Maximum use per day (units) 250 Lead time ( in days) 500 Cost of placing one order Р36 600 Carrying cost per unit per year P4 Required: a. Calculate the economic order quantity b. Determinethe safety stock c. Compute the order pointL. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina. An investigation of the company's manufacturing facility in Charlotte yields the information presented in the table below. How would the plant classify these items according to an ABC classification system? (Round individual dollar volumes to two decimal places. Also round percentage of dollar volume to two decimal places.) L. Houts Plastics Charlotte Inventory Levels Item Code Avg. Inventory (units) Value ($/unit) Dollar % of Dollar Volume Volume 1289 360 4.00 2347 300 4.00 1,200 36.20 2349 120 2.50 300 9.05 2363 75 1,50 2394 60 1.75 105 3.17 2395 35 2.00 6782 20 1.15 23 0.69 7844 12 2.05 24.6 0.74 8210 5 1.60 8310 7 2.00 14 0.42 9111 3.00 18 0.54 3,315.1 For the following three questions, consider only items 1289, 2349, and 8210 from the above table for relative classification (these are some of the items for which you computed the metrics). Based on the percentages of dollar volume, item number…