Research about ABC Analysis of Inventory management and then describe its salient features.
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Question: Research about ABC Analysis of Inventory management and then describe its salient features.
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- Question 2 Identify and explain five techniques that firms could use to better manage their inventory.Question 4 Illustrate Guardian pharmacy’s reorder system to manage their inventory so meet customer expectation. answer guidelines To use order point system and periodic review system. Illustrate its characteristics/advantage in the context of managing inventory in a pharmacy. For example: 1. Order point system - When the quantity of an item on hand in inventory falls to a predetermined level, an order is placed. • The quantity ordered is based on economic order quantity (EOQ). • Order quantity are usually fixed. • The order point is determined by the average demand during the lead time. • If the average demand or the lead time changes, there is no corresponding change in the order point, effectively there is a change in the safety stock. • The interval between replenishment are not constant but vary depending on the actual demand during the order cycle. Usually used for stocks that are longer to sell from the store so to…What is ABC inventory system?
- Question content area Part 1 A gourmet coffee shop in downtown San Francisco is open 200 days a year and sells an average of 75 pounds of Kona coffee beans a day. (Demand can be assumed to be distributed normally with a standard deviation of 16 pounds per day). After ordering (fixed cost = $17 per order), beans are always delivered from Hawaii in exactly 4 days. Per-pound annual holding costs for the beans are $3. Refer to the standard normal table LOADING... for z-values. e) What is the safety stock needed to attain a 1% risk of stockout during lead time? enter your response here pounds (round your response to two decimal places). Part 7 f) What is the annual holding cost of maintaining the level of safety stock needed to support a 1% risk? $enter your response here (round your response to two decimal places). Part 8 g) If management specified that a 2% risk of stockout during lead time would be acceptable, the safety stock holding costs will ▼…Question 1: What are the primary reasons for holding inventory?Question 27 C&A sells 600 bottles of a dietary supplement per week at $100 per bottle. The supplement is ordered from a supplier who charges C&A $30 per order and $50 per bottle. C&A's annual holding cost percentage is 40%. Assume C&A operates 50 weeks in a year. What is C&A's total ordering and holding cost per year if C&A orders 600 bottles at a time? Group of answer choices $13,500 $7,500 $6,800 $5,036
- Q3. What is inventory management? Explain in brief 4 functions of inventory management.QUESTION 9 A popuar and effective tool for demand management and planning is calledQuestion1: A business wants to classify its inventory items in order to determine its inventory policy. The table contains information about the inventory items in the business. Accordingly, using the "ABC" analysis, determine the stock groups of the enterprise.1-) What percentage of the total inventory items and total inventory costs will the A group inventory items constitute?2-) What percentage of the total inventory items and total inventory costs will the B group inventory items constitute?3-) What percentage of the total inventory items and total inventory costs will the C group inventory items constitute?
- Question 7 Firm develop new products to a.gain market share and build brand equity b.keep their research and development teams gainfully employed c.take up slack in capacity d.gain first mover advantage and eliminate waste Question 8 Economic order quantity (EOQ) assumes all of the following conditions apply .demand is known and is constant over time .there are no shortages allowed.lead time for the receipt of orders is constant.Order quantity is received all at once true or false? question 10 Trade-offs in the new product development relate to A.Product / service design, time to market and profitability B.Proft. Expenditure and market share C.Time. cost and quality D.Market reach, product / service design and timingDefine INVENTORY CONTROL?question 3 Sam's Cat Hotel operates 52weeks per year, 5 days per week, and uses a continuous review inventory system. It purchases kitty litter for $10.50 per bag. The following information is available about these bags. Refer to the standard normal table AT END for z-values. ≻Demand= 92 bags/week ≻Order cost =$58/order ≻Annual holding cost =26 percent of cost ≻Desired cycle-service level=99 percent ≻Lead time = 1 week(s) (5 working days) ≻Standard deviation of weekly demand = 20 bags ≻Current on-hand inventory is 310 bags, with no open orders or backorders. a. What is the EOQ? Sam's optimal order quantity is__________ bags. (Enter your response rounded to the nearest whole number.) What would be the average time between orders (in weeks)? The average time between orders is _________weeks. (Enter your response rounded to one decimal place.) b. What should R be? The reorder point is _________ bags. (Enter your response rounded to the…