代做IT204作业、代写Java/C++课程设计作业、代写HW2_Gandomi_Amir作业

Homework Assignment 2

IT204 Amir Gandomi, Ph.D. Page 1 of 2

Submission instructions:

You will submit one file for this assignment. Name it as:

HW2_<last name>_<first name>.xlsx (e.g., HW2_Gandomi_Amir.xlsx)

This homework assignment must be electronically submitted through Blackboard:

o Go to the course and navigate to Assignments ?Homework 2 Dropbox.

o Click Browse My Computer, find the file and click open. Repeat this if you have more

than one file to submit.

o After selecting the file(s) click the Submit button at the bottom of the page.

o Please do not send the assignment via email.

Homework and lab assignments are to be completed individually. Plagiarism in any form will

be treated as an academic misconduct. For more information about academic integrity, please

refer to “Policy on Academic Honesty” described in the course outline.

Late submission penalty is 0.0694% per minute!

Questions:

Hampton Major Appliances knows that weekly demand for a high-end microwave is normally

distributed, with a mean of 25 units and a standard deviation of 7 units (In your model round the

demand to the nearest integers).

Hampton wants to identify the order quantity, Q, and reorder point, R, that will help them reduce

the total inventory costs. The order quantity is the fixed size of each order that is placed. The reorder

point specifies the inventory level at which an order is triggered. That is, if the inventory level at

the end of a week is at or below the reorder point, an order is placed. Note that inventory level is the

sum of the inventory in the store and the inventory in transit.

Currently, Hampton replenishes its inventory by ordering 300 units from the distributor whenever

its current inventory (sum of the inventory in store and the inventory in transit) reaches 70 units or

less.

The lead time (in weeks) to receive an order from the distributor follows the distribution shown in

the following table:

Lead

time

Probability

1 0.15

2 0.25

3 0.30

4 0.15

5 0.10

6 0.10

IT204 Amir Gandomi, Ph.D. Page 2 of 2

The total cost includes the following three components:

1. A fixed order cost that is incurred each time an order is placed,

2. A holding cost for each microwave held in inventory from one week to the next (the end

inventory of a week),

3. A stockout cost for each microwave that is not available to satisfy demand.

The cost to hold one unit in inventory for one week is $5. The cost to place an order with the factory

is $300. This cost is fixed and does not depend on the order size. Stockout costs are estimated at

$250 per unit. The initial inventory level is 140 units. Simulate 52 weeks of operation to calculate

the total annual cost and the percentage of stockouts for the period (total stockout divided by total

demand). Replicate these calculations using Excel’s Data Table 1000 times to calculate the average

values for these measures.http://www.5daixie.com/contents/9/1765.html

Lee would like to evaluate the economics of ordering 250, 275, and 300 units, with reorder points of

60, 70, and 80 units. Based on the average total annual cost, which combination of order quantity

and reorder point would you recommend? Use Excel’s Scenario Manager to answer this question.

Hint: Use the attached Excel template to develop the model.

 

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