Question: Daily demand for a certain product is normally distributed, with an average of 60 and a standard deviation of 7. The supplier for the part

Daily demand for a certain product is normally
Daily demand for a certain product is normally distributed, with an average of 60 and a standard deviation of 7. The supplier for the part maintains a lead time of six days. The cost of placing the order is $10 and annual holding costs are $0.50 per unit. Find the order quantity and reorder point to satisfy a 95% probability of not stocking out during the lead time

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