Using the Fixed-Time-Period Inventory Model, and Given an Average Daily

question 50

Short Answer

Using the fixed-time-period inventory model, and given an average daily demand of 300 units, 4 days between inventory reviews, 5 days for lead time, 1,200 units of inventory on hand, a z of 1.96, and a standard deviation of demand over the review and lead time of 12 units, what quantity should be ordered? ________________________.

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Definitions:

Economy Moves

The dynamic changes and shifts in economic activity, including growth, recession, and recovery phases, within a country or globally.

Supply

Refers to the total amount of a specific good or service that is available to consumers.

Excess Supply

A scenario in which the supply of a good or service available from sellers surpasses what buyers want to purchase at the existing price.

Price Of Burritos

The amount of money required to purchase a burrito, often influenced by factors like ingredients cost, demand, and location.