Find the optimal order quantity for this item under the order point (or Q, R) ordering system.

Based on your answer to the previous question, what should we use as the time between orders (in days) if we were going to use a periodic review (P, T) system for this item?

Inventory System Problem Parameters Daily demand for an an inventory item is normally distributed with average value of 47 units per day The standard deviation of daily demand is 3 The item is used 365 days per year We buy the item for $70 per unit Each time we order, we incur fixed ordering costs of $125 per order Our annual carrying cost rate is 25% When we order replenishment inventory, the order lead time is 6 days The ordering policy currently being used is: Whenever inventory position falls to R = 300 units, an order is placed for Q = 740 units