You have been given data for the number of visitors to an open house for a property

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You have been given data for the number of visitors to an open house for a property being sold in an attractive neighborhood for the last 7 weekends. Please forecast the number of visitors to that property for the next weekend.

Ordering cost is $40 and annual holding costs are 25% of unit price per unit. The intent is to minimize total annual costs.

Which supplier should be used?

What order quantity is optimal?

How many orders per year are placed?

If the lead time is one week, what is the reorder point?

Related Book For answer-question

Fundamentals of Statistics

ISBN: 978-0321844606

4th edition

Authors: Michael Sullivan

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Posted Date: Aug 29, 2018 08:17 AM

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You have been given data for the number of visitors to an open house for a property

Question:

Supplier A Quantity 1-199 200-499 500+ Price / unit $14.00 $13.80 $13.60 Supplier B Quantity 1-149 150-349 350+ Price / unit $14.10 $13.90 $13.70 Supplier A Quantity 1-199 200-499 500+ Price / unit $14.00 $13.80 $13.60 Supplier B Quantity 1-149 150-349 350+ Price / unit $14.10 $13.90 $13.70

Expert Answer:

Given Information Ordering cost Cp 40 Annual holding costs i 25 of unit price per unit Here Annual d... View the full answer

Fundamentals of Statistics

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