A Guide to the Automation Body of Knowledge, 2nd Edition
Techniques of Inventory ControlFull description
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InventoryFull description
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Accounting
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(*) /xtra inventory that is used to avoid stoc&outs is &no#n as ') planned shortages. 8) ,uantity discounts. 9) safety stoc&. ;) service level. /) '89 analysis. () 'n inventory model that can handle dependent demand is called an) ') =:6 system. 8) BIT system. 9) /:6 system. ;) Fanan system. /) C=I system. () 's the service level increases" ') safety stoc& increases at a decreasing rate. 8) safety stoc& increases at an increasing rate. 9) safety stoc& decreases at an increasing rate. ;) safety stoc& decreases at a decreasing rate. /) ?one of the aove *0) ' person is using the normal distriution to determine the safety stoc& for a product. 7hat value #ould e associated #ith a 0 percent service level< ') 0.0 8) 1.2 9) 0.5! ;) 0.0
/) ?one of the aove *1) The demand during the lead-time is normally distriuted #ith a mean of $0 and a standard deviation of $. If the company #ishes to maintain a 0 percent service level" ho# much safety stoc& should e held< ') $5.12 8) $1.2 9) 1.2 ;) 5.12 /) ?one of the aove *2) The annual demand for a product is 1"000 units. The company orders 200 units each time an order is placed. The lead-time is ( days. There are 250 #or&ing days per year. If the reorder point is 50" #hat safety stoc& are they using< ') 22 8) $ 9) 2( ;) 2 /) ?one of the aove *!) The annual demand for a product has een pro@ected at 2"000 units. This demand is assumed to e constant throughout the year. The ordering cost is >20 per orde r" and the holding cost is 20 percent of the purchase cost. The purchase cost is >$0 per unit. There are 250 #or&ing days per year. 7henever an order is placed" it is &no#n that the entire order #ill arrive on a truc& in ( days. 9urrently" the company is ordering 500 units each time an order is placed. 7hat level of safety stoc& #ould give a reorder point of (0 units< ') 10 8) 1$ 9) 1 ;) 12 /) 22
*$) ' person is using the normal distriution to determine the safety stoc& for a product. The G value of 1.(5 #ould e associated #ith #hat service level< ') 0 percent 8) 5 percent 9) 100 percent ;) 2.5 percent /) ?one of the aove *5) ' person is using the normal distriution to determine the safety stoc& for a product. The G value of 2.!! #ould e associated #ith #hat service level< ') 5 percent 8) *.5 percent 9) percent ;) percent /) ?one of the aove *() :olf %teps is the production manager for a local manufacturing firm. This company produces staplers and other items. The annual demand for a particular stapler is 1"(00 units. The holding cost is >2 per unit per year. The cost of setting up the production line is >25. There are 200 #or&ing days per year. The production rate for this product is 0 per da y. If :olf decided to produce 200 units each time he started production of the stapler" #hat #ould his maximum inventory level e< ') 200 8) 10 9) 100 ;) 0 /) ?one of the aove **) In the '89 analysis of inventory" the ' group items ') are critical to the functioning of the organiation.
8) are the most expensive class of items. 9) typically account for over *0 percent of the company’s usiness in dollars. ;) typically account for aout 10 percent of a company’s inventory items. /) 'll of the aove *) 7hich of the follo#ing statements concerning '89 analysis is false< ') 9lass 8 items typically account for 20 percent of the company’s usiness in dollars. 8) There are typically less class ' items in stoc& than class 8. 9) 9lass 9 items typically account for *0 percent of the company’s inventory items. ;) 9lass 9 items tend to have more complex inventory policies than 9lass 8 items. /) 9lass 8 items typically account for 20 percent of the company’s usiness in dollars. *) 7ith an annual demand of 2"$00 units" daily demand of 10 units" and daily production rate of $0 units" a company has determined that each production run #ill e for 200 units. If production starts #hen the inventory level is at ero" ho# many units #ould actually e in the #arehouse at the end of the first day of production< :ound your ans#er to the nearest unit.) ') 12 8) 20 9) !0 ;) $0 /) ?one of the aove 0) Bac& %pratt is the production manager for a manufacturing firm that produces #iy-gadgets and other items. The annual demand for a particular #iy-gadget is 1"(00 units. The holding cost is >2 per unit per year. The cost of setting up the production line is >25. There are 200 #or&ing days per year. The production rate for this product is 0 per da y. If his maximum inventory level is 10 units" ho# many units did he produce each time he started production of the #iy-gadgets< ') 200 8) 10
9) 100 ;) 0 /) ?one of the aove 1) :ose 'rena is the production manager for a manufacturing firm that produces u ggy #hips and other items. The annual demand for a particular uggy #hip is 1"(00 units. The holding cost is >2 per unit per year. The cost of setting up the production line is >25. There are 200 #or&ing days per year. :ose decided to produce 200 units each time she started production of the uggy #hips. If it too& her $ days to produce the 200 units" #hat #as her production rate< ') 0 unitsHday 8) (0 unitsHday 9) 50 unitsHday ;) 100 unitsHday /) $0 unitsHday 2) 'n organiation hosting a 5F race is loo&ing to sell t-shirts at the event. ;emand for t-shirts is elieved to e normally distriuted #ith a mean of 100 and standard deviation of 15. 7ith a marginal loss of >$ and marginal profit of >5" ho# many t-shirts should the organiation stoc& for the 5F race< ') 8) 5 9) 10! ;) 115 /) 11! !) ' a&ery must decide ho# many loaves of fresh read to produce in a single day. ;aily demand for fresh read is normally distriuted #ith a mean of *0 loaves and standard deviation of 1. If the marginal loss is >2 and the marginal profit is >1" ho# much read should the a&ery produce in a single day< ') 8) 52
9) (! ;) * /) *0 $) 7hich of the follo#ing statements aout the &anan system is false< ') Fanan in Bapanese means 4card. 8) In a dual card system" there is the 9-&anan and 6-&anan. 9) =ore than t#o containers can e used. ;) The &anan system is most commonly executed manually. /) +ne typical &anan rule is that no containers are filled #ithout the appropriate 9-&anan. 5) /ast Calve ;istriutors distriutes industrial valves and control devices. The /astern control device has an annual demand of "!*5 units and sells for >100 per unit. The cost of ordering is >1(0 per order and the average carrying cost per unit per year is >0.*5. ;etermine the economic order ,uantity. () ' company annually uses 1"200 of a certain spare part that costs >25 for each order and has a >2$ annual holding cost. 9alculate the total annual cost for order sies of3 25" $0" 50" (0" and 100. Identify the economic order ,uantity" and consider the implications for ma&ing an error in calculating the economic order ,uantity. %mall variations in order ,uantity #ill not have a significant impact on total costs. *) ;avid and 8eth %hea run a health food store. Their top selling item is called Eeavenly Felp. The annual demand for this is 10 units" and demand is constant throughout the year. The cost of placing an order is >20" #hile the holding cost per unit per year is >$. a) Eo# many orders per year should e placed if they #ish to minimie their total cost< ) 7hat is the minimum possile annual holding and ordering cost<
) /verett =ann’s ;ream %tore sells #atereds and supplies. The est selling ed in the store has an annual demand of $00 units. The ordering cost is >$0" #hile the holding cost is >5 per unit per year. There are 250 #or&ing days per year" and the lead-time is ( days. a) To minimie total cost" ho# many units should e ordered each time an order is placed<
) If the holding cost per unit #as >( instead of >5" #hat #ould the optimal order ,uantity e<
) Ivonne 9allen sells eauty supplies. Eer annual demand for a particular s&in lotion is 1"000 units. The cost of placing an order is >20" #hile the holding cost per unit per year is 10 percent of the cost. This item currently costs >10 if the order ,uantity is less than !00. Dor orders of !00 units or more" the cost falls to >.0. To minimie total cost" ho# many units should Ivonne order each time she places an order< 7hat is the minimum total cost<
0) %uppose that lead-time demand is normally distriuted #ith a mean of 100 units and a standard deviation of 20 units. If a firm #ants to maintain a * service level" #hat should the reorder point e< 1) 'rt+rgan" Jtd. distriutes mechanical replacements for human mitral heart valves. Its artificial valve has a demand of 12"*(5 units per year and sells for >*"00 per unit. The cost of ordering is >*5 per order and the average carrying cost per unit per year is >150. ;etermine the economic order ,uantity. 2) Durniture =anufacturers Inc." uses 20"000 loads of lumer per year. ' load of lumer costs >500 and the carrying cost is 10 percent of the unit cost. The cost to order is >200 per order and the lead-time is three #or&ing days. 'ssuming 200 #or&ing days" determine3 a) the economic order ,uantity. ) the reorder point. c) numer of orders per year. d) #or&ing days et#een orders. !) ' company uses 1"500 per year of a certain suassemly that has an annual holding cost of >$5 per unit. /ach order placed costs >150. The company operates !00 days per year and it has found that an order must e placed #ith the supplier ( #or&ing days efore it can expect to receive that order. Dor this suassemly" find3 a) the economic order ,uantity. ) the annual holding cost. c) the annual ordering cost. d) the reorder point.
$) The E.'.J. 9omputer %tore sells a printer for >200. ;emand for this is constant during the year" and annual demand is forecasted to e (00 units. The holding cost is >20 per unit per year" #hile the cost of ordering is >(0 per order. 9urrently" the company is ordering 12 times per year 50 units each time). There are 250 #or&ing days per year and the lead-time is 10 days. a) Kiven the current policy of ordering 50 units at a time" #hat is the total of the annual ordering cost and the annual holding cost< ) If the company used the asolute est inventory policy" #hat #ould the total of the ordering and holding cost e< c) 7hat is the reorder point<
5) 6urinnerds ;og Dood is a very popular product at Fay Knein’s corner grocery. ;emand for this is relatively constant" and the total demand for the year is 1"200 ags. The cost of placing an order is >50" #hile the holding cost is >! per unit per year. The store is open !00 days per year. Jead-time for this is days. a) If Fay places 50 orders per year" #hat #ould her annual ordering and holding costs e< ) If Fay #ishes to minimie her total inventory cost" ho# many units should she order each time an order is placed< c) 7hat is the reorder point<
() ' company uses 2"*50 per year of a certain suassemly that has a purchase cost of >$50" and an annual holding cost of >500 per unit. /ach order placed costs >150. The company operates !00 days per year and it has found that an order must e placed #ith the supplier 12 #or&ing days efore it can expect to receive that order. Dor this suassemly" find3 a) the economic order ,uantity. ) the reorder point.
*) The E.'.J. 9omputer %tore sells a printer for >$00. ;emand for this is constant during the year" and annual demand is forecasted to e 1!50 units. The holding cost is >20 per unit per year" #hile the cost of ordering is >0 per order. 9urrently" the company is ordering 12 times per year
2 units each time). There are 2*0 #or&ing days per year and the lead-time is days. 7hat should e the reorder point< ) The Eandy =anufacturing 9ompany manufactures small air conditioner compressors. The estimated demand for the year is 12"000 units. The setup cost for the production process is >200 per run" and the carrying cost is >10.00 per unit per year. The daily production rate is 100 units per day" and demand has een 50 units per day. ;etermine the numer of units to produce in each atch. The prolem assumes 2$0 operating days.) ) 'nne 8ec& recently too& over a eauty supply store. Eer predecessor al#ays ordered shampoo in ,uantities of 100 units. 'nne is reevaluating this policy. 8ased on her analysis" the cost to place each order is >!5 and the holding cost is > per shampoo ottle per year. The annual demand for this product is 2500 ottles. %hould 'nne change the current order policy and" if so" ho# much can she save< 100) 9andy Incorporated stoc&s ule gum game cards" an item that has a normally distriuted demand during the reorder period #ith a mean of 12 doen oxes and a standard deviation of t#o doen oxes. If it is desirale to experience a stoc&out only 10 percent of the time" #hat is the appropriate safety stoc&< 101) The purchasing manager for a firm is trying to determine #hat the safety stoc& should e for a particular product. %he has developed the follo#ing tale" #hich gives the distriution of demand during the lead-time and the proailities3
;emand ;uring Jead-Time
6roaility
$0
0.20
50
0.25
(0
0.25
*0
0.20
0
0.10
The carrying cost is >5 per unit per year" the ordering cost is >!0 per order" and the stoc&out cost is >$0 per unit. The reorder point is (0 units" and ( orders are placed each year. 7hat level of safety stoc& should e maintained<
%afety %toc&
'dditional Eolding 9ost
%toc&out 9ost
0
0
10)0.2)$0)10)L20)0.1)$0)10)
10
50
10)0.1)$0)10)
20
100
0
Therefore" 20 units of safety stoc& should e carried. 102) ' professional aseall organiation chooses to sell game day programs. ;emand for game day programs is normally distriuted #ith a mean of 2"000 and standard deviation of !00. If the marginal loss is >1 and the marginal profit is >!" ho# many programs should the aseall organiation print< Therefore" the aseall organiation should print 220! programs. 10!) ;emand for local ne#spapers in Fing 9ounty during #ee&days is normally distriuted #ith a mean of 500 and standard deviation of 100. The marginal loss per paper is >0.10 and marginal profit is >0.$0. Eo# many ne#spapers should the local pulisher produce each day< Therefore" the ne#spaper organiation should print 105 ne#spapers. 10$) 9onsider the material structure tree for item ' elo#. 'ssume 15 units of ' are needed.
a) Eo# many units of 8 are needed<
) Eo# many units of 9 are needed< c) Eo# many units of ; are needed< d) Eo# many units of / are needed< 105) /xplain the purpose of '89 analysis. 10() Jist three general categories of inventory. 10*) /xplain ho# inventory can act as a uffer in the production process. 10) Jist several disadvantages of uying inventory in large ,uantities. 10) Jist four significant inventory costs. 110) Jist ma@or carrying cost factors. 111) Jist ma@or ordering cost factors. 112) /xplain the asic differences) et#een the simple /+ model and the production run model. 11!) ;iscuss #hy it is sometimes prudent not to order the minimum level re,uired to otain a ,uantity discount.
