A Store Has Collected the Following Information on One of Its

question 71

Essay

A store has collected the following information on one of its products:
Demand = 10,000 units/year
Standard deviation of weekly demand = 25 units
Ordering costs = $30/order
Holding costs = $4/unit/year
Cycle-service level = 95% (z for 90% = 1.28)
Lead time = 2 weeks
Number of weeks per year = 50 weeks
a.If a firm uses the continuous review system to control the inventory,what would be the order quantity and reorder point?
b.The firm decided to change to the periodic review system to control the item's inventory.For the most recent review,an inventory clerk checked the inventory of this item and found 200 units.There were no scheduled receipts at the time.How many units should be ordered? (HINT: Use the EOQ model to derive P,the time between reviews.)

Explain the significance of homeostasis in regulating bodily needs.

Identify and differentiate between needs, drives, and incentives.

Describe the role of the hypothalamus in hunger and satiety.

Understand the practical applications of motivation theories in everyday behaviors and decisions.

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Definitions:

Reasoning Skills

The capability to think logically and solve problems through systematic analysis and evaluation.

Intellectual Potential

An individual's capacity to think, understand, learn, and make judgments or have ideas.

Nature Vs. Nurture

A debate concerning the relative importance of an individual's innate qualities versus personal experiences in determining or causing individual differences in physical and behavioral traits.

Correlation

A measure of the relationship between two variables, indicating how one may predict or relate to the other.