Question: 1. (60pts) Design your own inventory management problem with the required input data and answer the following questions: a. What is the optimal order size?

1. (60pts) Design your own inventory management

1. (60pts) Design your own inventory management problem with the required input data and answer the following questions: a. What is the optimal order size? b. What is the optimal number of orders per year? c. What is the optimal number of days between orders? d. What is the annual inventory cost? e. If the lead time were X days/weeks/months, what would be the reorder point? f. For what value of ordering cost would y units of order size be optimal? *Determine unit of time, X, Y, and all required input data by yourself depending on your problem randomly and rationally. (no production, no discount) 2. (40pts) Extend your inventory problem at question 1 to inventory problem with discount. Determine the required input data and answer the following questions: a. Determine how often the firm should order. b. Determine the size of each order. C. At what price should the firm order? *Fort he product at least 3 discount prices are required

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