A product has a reorder point of 260 units, and is ordered ten times a year. The following table shows the historical distribution of demand values observed during the reorder period.
Currently, stockouts are valued at $5 per unit per occurrence, while inventory carrying costs are $2 per unit per year. Should the firm add safety stock? If so, how much safety stock should be added?
Definitions:
Social Security Benefits
Government-provided payments to eligible individuals, typically retirees, disabled persons, and survivors, aimed at ensuring their financial support.
Retiree
An individual who has withdrawn from active working life, typically due to age.
Earned
Obtained or received as a result of effort or achievement.
Older People
Individuals who are advanced in age, often defined as being 65 years old or older.
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