What is the difference between a requirements philosophy and a replenishment philosophy of inventory management? Why is this difference important?
Answer to relevant QuestionsCompare and contrast the management of finished goods inventory in a manufacturing firm with that in a retail or wholesale firm. The Toyota dealer from problem 3 is considering installing either a Q or a P system for inventory control. The standard deviation of demand has been 4 units per month, and the replenishment lead time is two months. A 95 ...What is the effect on EOQ and total cost of the following types of changes for the data in problem 1? a. A 40 percent increase in demand. b. A 20 percent increase in carrying charge. c. Use a spreadsheet to study the ...For problem 2 in the chapter, suppose the Grinell Machine Shop produces its tables at a rate of two per day (250 working days per year). In problem 2 It has been said that MRP is an information system that does not rely on sophisticated mathematical models. Discuss the historical significance of this statement.
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