Henderson Furniture sells reproductions of 18th century furniture. For a particular table, the assumptions of the inventory model with backorders are valid. D = 200 tables per year I = 25 per year C = 800 per table Co = 80 per order Cb = 50 per table per year The store is open 250 days a year.
a. What are the values for order quantity and number of planned backorders that will minimize total cost?
b. What is the maximum inventory?
c. What is the cycle time?
d. What is total cost?
Question 2
A production process produces 2 defective parts. A sample of 5 parts from the production is selected. What is the probability that the sample contains exactly two defective parts? Use the binomial probability function and show your computations to answer this question.
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