Course Solutions Uncategorized (Answered) : QUESTION 5 point approach to restocking a certain raw material Lead time is six days. Usage of the A shop owner uses a r msaterial

(Answered) : QUESTION 5 point approach to restocking a certain raw material Lead time is six days. Usage of the A shop owner uses a r msaterial

June 27, 2024June 27, 2024| adminadmin| 0 Comment| 7:37 pm
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QUESTION 5 point approach to restocking a certain raw material Lead time is six days. Usage of the A shop owner uses a r msaterial during lead time is normally distributed with a mean of 38pounds and a standard deviation of 3.5 pounds. When should the raw material be reordered if the acceptable risk of a stockout is 2%? Show your work T T T paragraph-Arial words:0

Expert Answer

Service level for 2% stockout risk, F(z) = 1 – 2% = 98%

z-stat = NORMSINV(.98) = 2.054

Reorder point = μ + zσ = 38 + 2.054*3.5 = 45.2

Material should be

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