Question: Instructions: - Clearly write down the formula you use; Show all the steps, including the intermediate ones; Clearly indicate your final answer (with the associated

Instructions: - Clearly write down the formula you use; Show all the steps, including the intermediate ones; Clearly indicate your final answer (with the associated unit whenever applicable) to the question; You can round the numbers up to 2 decimal places for all calculations. Question 3 A company opens every day and it replenishes its inventory every two weeks when the salesperson visits the premises. Demand for the product averages 20 units per day with a standard deviation of 5 units. Lead time for the product to arrive is 6 days. Management has a goal of a 92 percent probability of not stocking out for this product. (a) Identify the inventory management system used in this company. (b) The salesperson is due to come in late this afternoon when 180 units are left in stock currently. How many units should be ordered now? (Hint: Based on the inventory management system you identified in Part (a), think about the two key decisions and its implementation.)

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