The daily demand for Sunlight paint at the Rainbow Paint Store in East Ridge is normally distributed, with a mean of 26 gallons and a standard deviation of 10 gallons. The lead time for receiving an order of paint from the Sunlight distributor is 9 days. Because this is the only paint store in East Ridge, the manager is interested in maintaining only a 75% service level. What reorder point should be used to meet this service level? The manager subsequently has learned that a new paint store will open soon in East Ridge, which has prompted her to increase the service level to 95%. What reorder point will maintain this service level?
Critical Path Method
The critical path is the longest succession of tasks that has to be successfully completed to conclude a project entirely. The tasks involved in the sequence are called critical activities, as any task getting delayed will result in the whole project getting delayed. To determine the time duration of a project, the critical path has to be identified. The critical path method or CPM is used by project managers to evaluate the least amount of time required to finish each task with the least amount of delay.
Cost Analysis
The entire idea of cost of production or definition of production cost is applied corresponding or we can say that it is related to investment or money cost. Money cost or investment refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factor of production or factor services.
Inventory Management
Inventory management is the process or system of handling all the goods that an organization owns. In simpler terms, inventory management deals with how a company orders, stores, and uses its goods.
Project Management
Project Management is all about management and optimum utilization of the resources in the best possible manner to develop the software as per the requirement of the client. Here the Project refers to the development of software to meet the end objective of the client by providing the required product or service within a specified Period of time and ensuring high quality. This can be done by managing all the available resources. In short, it can be defined as an application of knowledge, skills, tools, and techniques to meet the objective of the Project. It is the duty of a Project Manager to achieve the objective of the Project as per the specifications given by the client.
The daily demand for Sunlight paint at the Rainbow Paint Store in East Ridge is
with a mean of 26 gallons and a standard deviation of 10 gallons. The lead time for receiving
an order of paint from the Sunlight distributor is 9 days. Because this is the only paint
store in East Ridge, the manager is interested in maintaining only a 75% service level. What reorder
point should be used to meet this service level? The manager subsequently has learned that
a new paint store will open soon in East Ridge, which has prompted her to increase the service
level to 95%. What reorder point will maintain this service level?
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