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A market requires a program to manage product inventory. The demand for the product follows a normal distribution with a mean of 2 0 and
A market requires a program to manage product inventory. The demand for the
product follows a normal distribution with a mean of and a variance of The
company aims to maintain a safety stock of at least products, and the maximum
number of products available for ordering in each period is If the demand cannot
be met, it will be backordered to be fulfilled in subsequent periods. However, the
policy is to avoid shortages if possible. The supplier offers different ordering costs per
item based on the quantity ordered. For orders less than the cost is $ per product.
For orders between and the cost is $ per item, and for orders greater than
the cost is $ per product.
Write a program for inventory management. Test your program by generating
demand data for periods and provide the amount of orders in each period, the
inventory at each period, and the total ordering cost. Determine if any shortages
occurred and, if so in which periods. Provide the code, data, and results.
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