Question: Using a periodic review model, and given an average daily demand of 200 units, 4 days between inventory reviews, 5 days for lead time, 120

  1. Using a periodic review model, and given an average daily demand of 200 units, 4 days between inventory reviews, 5 days for lead time, 120 units of inventory on hand, and a standard deviation of daily demand of 3 units, which of the following is the order quantity to ensure 95% service level?
  3. A newspaper vendor is trying to determine how many daily papers to order. The cost to the vendor of a single paper is $0.2, The vendor sells each paper for $1.50. If the daily demand for papers is normally distributed with a mean of 120 papers and a standard deviation of 20 papers. The newspaper vendor should order how many papers?

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