Question: ITSCM 306 - Operations Management Chapter 20 Problem Set (20 Points) 1. What are the purposes for having inventory? ( 3 points) 2. What are

ITSCM 306 - Operations Management Chapter 20 Problem Set (20 Points) 1. What are the purposes for having inventory? ( 3 points) 2. What are the costs of inventory? ( 3 points) 3. Assuming no safety stock, what is the reorder point given an average daily demand of 700 units, a lead time of 3 days? ( 2 points) 4. Assuming 1 dry of safety stock, what is the reorder point given an average daily demand of 700 units, a lead time of 3 days? ( 2 points)

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