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Good day Statistical Methods tutor , I would like to know the formula for calculating the percentage of stockouts for the given period and the
Good day Statistical Methods tutor , I would like to know the formula for calculating the percentage of stockouts for the given period and the formula for the total cost for the given period
Your group has been contracted to work on a project for a London-based company, operating in the Caribbean. The name ofthe company is Shoe Maniac- Shoe Maniac manages a chain ofshoe stores. Your group met with the management team ofShoe Maniac and gathered the following infon'nation. II Shoe Maniac's most popular predict is the volcano-inspired. Magma Snappy Heeled Sandal. I The weekly demand for the Magma Snappy Heeled Sandal is given be the probability distribution below. (In your model use integers for all demands.) I Shoe Maniac replenishes its inventory by ordering 35!] units from the distributor whenever its current inventory reaches 60 units. The lead time (in weeks} to receive an order from the distributor follows a continuous uniform distribution and takes between 1 and 8 weeks. I The cost to hold I unit in inventory for 1 week is $20. The cost to place an order with the factory is $300. Stockout costs are estimated at S III) per unit. The initial inventory level is 140 unitsStep by Step Solution
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