Question: The daily demand for a component at a hardware store is normally distributed, with an average of 100 and a standard deviation of 10 units.

 The daily demand for a component at a hardware store is
normally distributed, with an average of 100 and a standard deviation of

The daily demand for a component at a hardware store is normally distributed, with an average of 100 and a standard deviation of 10 units. The store manager is willing to accept a risk of stockout 3% of the time during the lead time, which is constant at 6 days. Answer the following questions. Write your final answer only (without intermediate steps) for the fill-in-the-blank questions. Question 10 (3 points) The service level that the store manager wants to maintain = A. Round the final answer to two decimal places, e.g., 0.12 , when necessary. Question 11 (3 points) The appropriate value of Z (i.e., the number of standard normal deviations) = A. Round the final answer to two decimal places, e.g.. 0.12 , when necessary. Question 13 (3 points) Reorder point = A units. Round the final answer (if it is not an integer) to the nearest integer

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!