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Q1) A specialized electronic store sells products ranging from laptops to digital cameras. One of their high selling products is 22mm lens for digital cameras. The manager considers using a continuous review policy to manage the inventory and he is planning for the reorder point and the order quantity in 2021 taking the inventory cost into account. The annual demand for 2021 is forecasted as 328 and expected to be fairly stable during the year. Other relevant data is as follows: The standard deviation of the weekly demand is 2. Targeted cycle service level is 88% (no-stock out probability) Lead time is 9 weeks Each 22mm lens costs $2000 Annual holding cost is 25% of item cost, i.e. H=$ 500. Ordering cost is $800 per order a) Using the annual demand forecast, calculate the weekly demand forecast for 2021 (Assume 52 weeks in a year)? (2 points) b) What is the economic order quantity, EOQ? (5 points) c) What is the reorder point and safety stock? (5 points) d) What is the total annual cost of managing the inventory? (10 points) e) What is the pipeline inventory? (2 points) f) Suppose that the manager would like to achieve %92 cycle service level. What is the new safety stock and reorder point? (5 points) FORMULAE 1 year = 365 days; 1 year = 12 months; 1 month=4 weeks; 1 month=30 days; 1 week=7 days Inventory Formulas EOQ=Q* = 2DS H Total Cost (TC) =S*D/Q +H*(Q/2 +ss), ss=zV Lop=20LTD NORM.S.INV(0.95) = 1.65 NORM.S.INV(0.90) = 1.28 NORM.S.INV(0.85) = 1.04 NORM.S.INV(0.92) = 1.41 NORM.S.INV(0.88) = 1.17 NORM.S.INV(0.80) = 0.84