This assigned project aims to enable a student analyzes the given quantitative information, use mathematical models/formulas taught in a class to solve a set of connected questions of some topics such as forecasting, capacity requirements planning, inventory, bill of materials in MRP, scheduling, etc.), and then draw general conclusions. By doing so, a student can apply course concepts to enhance quantitative reasoning abilities or skills for effective decision making. Jewelry manufacturing industries are mostly labor-intensive industries that need high operator involvement. Jewelry items such as brooches, rings, bracelets, earrings, etc. are meant for adornment and can be worn by persons. A jewelry company reveals the following production information as shown in Table 1 including the different types of each product name, processing times and due dates. The production department does not consider product setup times on machines for its production. Product name Bracelets Rings Brooches Earrings Product type H K Processing time/hour 0.5 0.2 0.7 0.1 0.3 0.5 0.6 0.9 0.7 0.3 0.4 0.2 Minutes until due 55 12 33 54 44 20 33 14 Table 1. Processing times and due dates of product types A B D E F G 1 J L 15 18 12 21 The receiving department at the company orders materials for producing each finished product type. For example, one unit of product type A of bracelets requires one unit of material type Al, three units of material type A2 and two units of material A3. Further, each unit of material A2 needs one unit of material A21, one unit of material A3 needs three units of A31, and finally one unit of material A31 needs five units of material A311. Moreover, the purchase costs and quality (quality scale is out of 100) of materials required from suppliers to build the finished product are shown in Table 2. Product type A2 A3 A21 A31 A311 Measures cost quality cost quality cost quality cost quality cost quality cost quality Supplier 1 $4.0 60 wa n/a $3.9 40 $2.9 40 $2.0 n/a n/a Supplier 2 $4.5 30 $3.5 55 $3.7 40 $2.5 40 n/a n/a $1.5 25 Supplier 3 $4.7 50 n/a n/a $3.0 40 n/a n/a $2.3 10 $1.5 15 Table 2. Purchase costs and quality of materials 20 The production manager sets each machine to be available for 2000 hours per year (i.e., a department works one 8-hour shift per day, 250 days per year). Each machine costs $15000. Additionally, the marketing department brings the following customer demand information about product type A of bracelets as shown in Table 3. Month Jan Feb Mar Apr Ma Jun Jul. Aug. Sept Oct. Nov Dec. Deman d 550610 620? ? 50 0 ? ? ? ? 2 ? Table 3. Available customer demand values Finally, the management of inventory at the company, that plays a great role in the function of meeting the customer demand and smoothing production requirements, estimates the following: Setup costs per order include $150 and $200 for both fixed cost transportation (trucking) and ..other ordet expenses. resnestiysly....... Annual holding cost is 6% of the cost per unit of product type A of bracelets. Shortage cost is 25% of the cost per unit of product type A of bracelets. Lead time is one month. Demand rate is assumed to be 470 unit per month Starting (beginning) inventory for January is 1500 units. No safety stock is specified. . 8. As a manager, you know that inventory ordering policies address two basic issues, and they are: how much to order and when to order. Therefore, you need to determine both the optimal order quantity and the reorder point for product type A of bracelets. (Due March 27, 2022, by midnight) 9. Given that the management of the company sets 1500 units of product type A of bracelets as the starting inventory of January, determine the ending inventory of each month during the entire year. (Due March 27, 2022, by midnight) 10. According to the ending inventory information you have attained, calculate the total inventory costs including shortage, holding, and ordering costs. (Due March 27, 2022, by midnight) 11 Neurolon