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A start-up company sells a special type of sensor, and outsources the production of the sensor to a contract manufacturer. Each order that it places
A start-up company sells a special type of sensor, and outsources the production of the sensor to a contract manufacturer. Each order that it places has a fixed cost of $1000, and the holding cost per unit per month is $2.55. Demand for an upcoming 8-week period is as follows: Week 1 2 3 4 5 6 7 8 Demand 500 200 100 100 200 300 500 100 Calculate the ordering policies and their costs using; 1. Silver-Meal Heuristic 2. Least Unit Cost Policy 3. Part Period Balancing Policy 4. Dynamic Programming (You will be finding the optimal solution with this method)
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