Question: 1. [55 points] A single inventory item is ordered from an outside supplier. The anticipated demands for this item over the next 12 months are

1. [55 points] A single inventory item is ordered

1. [55 points] A single inventory item is ordered from an outside supplier. The anticipated demands for this item over the next 12 months are 2, 12, 4, 8, 15, 25, 20, 5, 10, 20, 5, and 20. Assume a holding cost of $1 per period and a setup cost of $40. Determine the order policy for this item based on: (a) (15 points) Silver-Meal heuristic. (b) (15 points) Least unit cost. (c) (15 points) Part period balancing. (d) (10 points) Which lot-sizing method resulted in the lowest cost for the 12 periods

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