Question: 13-23 Simkins Hardware Store simulated an inventory ordering policy for Ace electric drills that involved an order quantity of 10 drills with a reorder point

13-23

Simkin’s Hardware Store simulated an inventory ordering policy for Ace electric drills that involved an order quantity of 10 drills with a reorder point of 5. The first attempt to develop a cost-effective ordering strategy is illustrated in Table 13.8. The brief simulation resulted in a total daily inventory cost of $4.72. Simkin would now like to compare this strategy with one in which he orders 12 drills, with a reorder point of 6. Conduct a 10-day simulation for him and discuss the cost implications.

REF Quantitative Analysis for Management (12th Edition) 12th Edition

by Barry Render (Author), Ralph M. Stair Jr. (Author), Michael E. Hanna (Author), Trevor S. Hale (Author)

Please answer the question with excel or QM and explain step by step how you input the data into windows QM or Excel QM to solve.

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