Month Actual Demand (units) Forecast of Demand (Units)
The company reviews the inventory status of this item every 6 months. It is now reviewing the item to make a reorder decision for the period January to June. The current inventory level is 60 units. When an order is placed, delivery of the order is instantaneous. If the company wishes to provide a 95% service level over the next six months, what is the size of the order that should be placed?
Note: Service level is defined as the probability of not stocking out over a cycle.
|Cost Per Unit||
|0 < X ≤ 10||7||5||8||8|
|10 < X ≤ 20||8||7||7||9|
|20 < X ≤ 30||9||9||8||10|
|30 < X ≤ 40||10||10||12||12|
Demand and inventory holding costs are as follows:
Assume that not all the water-jet machines are ready at time t= 0 and their available times are
Determine an optimal schedule that minimizes the mean flow time of the work pieces.
Such a cheap price for your free time and healthy sleep
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