Question 1
Joe's Camera shop has a favorite model that has annual sales of 145. The cost to place an order to replenish inventory is $25 per order, and annual inventory costs are $20. Assume the store is open 350 days per year.
a. What is the optimal order size?
b. What is the optimal number of orders per year?
c. What is the optimal number of days between orders?
d. What is the annual inventory cost?
Question 2
The inventory management costs for a certain product are S = $8 to order, and H = $1 to hold for a year. Annual demand is 2400 units. Consider the following ordering plans: (a) order all 2400 at one time, (b) order 600 once each quarter, and (c) order 200 once each month. Calculate the annual costs associated with each plan. Plot these values. Is there another plan, cheaper than any of these? Calculate this, and plot it (plot at least five points) on the grid below. Label your graph carefully.
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