Examlex

Solved

The Injection Molding Department of a Company Uses 40 Pounds

question 8

Essay

The injection molding department of a company uses 40 pounds of a powder a day. Inventory is reordered when the amount on hand is 240 pounds. Lead time averages five days. It is normally distributed and has a standard deviation of two days. What is the probability of a stockout during lead time?


Definitions:

Product

An item or service created through a process and offered for sale to satisfy wants or needs of consumers.

Service

Activities or functions provided by one party to another, often in exchange for payment, that do not result in the ownership of anything.

Viral Marketing

A marketing strategy that encourages individuals to share a marketing message, often through social media, to spread information about a product or service rapidly.

Social Media

Social media encompasses websites and applications that enable users to create and share content or to participate in social networking.

Related Questions