Inventory and optimal procurement policy (deterministic single item inventory model). A company employs a certain raw material whose consumption in the production cycle is constant over time and it wishes to find the optimal policy of procurement. We have the following information: - Consumption rate of raw material: 150 tons/day (54,000 tons/year). - Fixed cost for each order: £ 60,000. - Inventory carrying cost: £ 2/day. Now, the number of orders in a year is then found as: 54; 000 Q : Assuming on every day we have stock, the average quantity is: Q 2 The total cost of orders in a year is equal to: 60; 000, 54; 000 Q while total inventory carrying cost is equal to (days in a year 360): 2 , q 2 ,360: The objective function you are required to minimize with respect to q in Excel is therefore: CðQÞ ¼ 360,  9Mln Q þ Q  Use the tangent technique built with the Excel Data Table and the Solver. Plot the cost function and visualize the tangent at the minimum point.