The Operations Analyst for a company is studying the inventory stocking policy for a product (#A123). His
Question:
A) Compute the probability of stock out for the current reorder point.
B) The analyst has just been informed that the (above) standard deviation of daily demand was computed incorrectly. The corrected standard deviation is 7.07. What would be the correct reorder point be in order to retain the same probability of stock out (as in part (a))?
C) The analyst has some new information. His clerk has informed him that the lead time has changed to 5 days. What would the new reorder point be if the allowed probability of stock out is still the same as before?
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Demand per day is normally distributed with a mean of 210 therefore expected demand ...View the full answer
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Related Book For 
Managing Business Process Flows Principles of Operations Management
ISBN: 978-0136036371
3rd edition
Authors: Ravi Anupindi, Sunil Chopra, Sudhakar Deshmukh, Jan Van Mieg
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