Question: Suppose you have been given the task of reducing inventory
Suppose you have been given the task of reducing inventory in your company, without negatively impacting customer service. What actions might you be able to take to accomplish this task?
Answer to relevant QuestionsWhat steps do you think companies can take to improve the accuracy of their inventory information systems? Again, using the data for Jones Company in Problem 2 and 3, suppose Jones believes that in the upcoming year, the rate of sales expected for each of the 5 items is as follows: Item 1 = 4,000 units per day Item 2 = 2,000 ...A company experiences annual demand of 1,000 units for an item that it purchases. The rate of demand per day is very stable, with very little variation from day to day. The item costs $50 when purchased in quantities less ...Korner Hardware manager Emerson Jones is interested in determining how many Nativity Scenes to order for the ten-day holiday season. Past experience indicates that demand for these Nativity Scenes average 8 per day during ...Charles Cycles produces bicycles and tricycles. The setup cost when switching production from one to the other is $1,000. On average, retail customers order 150 tricycles per day (consider a 250 day year). The daily ...
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