Incorrect Question 34 Original Score: 5 / 5 pts Regraded Score: 5 / 5 pts This question has been regraded. Max's Floral Shoppes is a three store retailer of fresh "Hawaiian" inspired floral arrangements serving the greater Santa Monica area. Max's has a central refrigerated warehouse where he stores exotic flowers shipped directly to him (by air) from his supplier in Maui Hawaii. The lead-time from order to receipt is 2 weeks. Max's order costs are $150 per order and his holding cost are 10% of the cost of a stem. Note that a "stem" is a single flower in an arrangement. Stems are ordered as individual units, but the order quantity needs to be a multiple of 6 -- each arrangement created by Max has 6 stems and the average cost per stem is $4. The grouping only occurs when the arrangements are created. Max then sells each arrangement for $65. Max's annual demand follows a normal distribution with a mean of 11,025 arrangements and a standard deviation of 550 arrangements. To maintain customer goodwill Max's has set a high service level objective of 98% in stock. What should be Max's ROP (Reorder Point). Round up the ROP to the nearest multiple of 6. Use the Z-table from a Prior Problem This Problem Counts 5 Points O 6120 3882 O 4992 O 2544 O 648 O 13385 /5 pts Question 35 Continuing with Max's Floral Shoppes, what should be the EOQ for Hawaiian Exotic Flowers. Remember that the EOQ must be stated in a multiple of 6. This Problem Counts 5 Points O 1173 O 9256 7044 O 7784 O 71361r'i:'_r:>r'ru:ct Consider the following data regarding the Fiske Spinner. a rotary device used in the production of the ABS Brake Assembly. Product Cost $34.75 Holding Cost 10% of Product Cost Order Cost $375forder Safety Stock 100 units Monthly Demand 2,500 units [assume that demand remains constant throughout the year} What is the total annual inventory cost {including product costs} of the ske Spinner? In determining the number of orders per year round up to the nearest whole order and consider all costs associated the spinner inventory. This Problem Counts 3 Points 556.625 556.8% 51.042500 51.051768 51.099125 Consider the folowing actual demand and forecast data for Reynolds Minerals a regional distributor of commercial sand. All data is in tons. Develop a forecast for month '10 using exponential smooth'mg with a smoothing constant of .7. Select the answer that best matches yours. This Problem Counts 3 Points Question 38 2/2 pts Continuing with Reynolds Minerals. Instead of using exponential smoothing, forecast the demand for Month 10 using the a four month weighted average of actual demand with the weights of .5..3, .1, and .1 Actual Month Forecast Weights Demand 1 788 890 2 804 819 3 798 808 4 800 801 5 810 800 6 820 807 7 799 816 1 8 822 804 .3 9 823 817 .5 10 11 12 This Problem Counts 2 Points O 818 O 814 O 810 812 O 822Question39 \"2"\" Continuing with Reynolds Minemls what is the Mean Absolute Deviation of the Forecast [months 1 through 9'}? NOTE: The Month 1 Forecast of 738 was derived from the forecasting formula and was not a "picked\" value. This Problem Counts 2 Points Continuing with Reynolds Minerals, what is the Tracking Signal for months 1 through 9? This Problem Counts 2 Points Supply Chain Management Formulas The Newsvendor Model: The Critical Fractile = Cu/(Cu + Co) Cu = p - c Co = C - S Economic Order Quantity and Reorder Point EOQ (Q') = SQRT((2*d's)/h), where d = demand, s = order costs, and h = holding costs ROP = (diLT) * LT) + safety stock, where din) - demand during the lead time, and LT = Lead Time Safety Stock = z * SD . SQRT(LT), where z = z score, SD = the standard deviation, and LT = Lead Time Measures of Forecast Error: Running Some of Forecast Error (RSFE) = SUM (At - Ft) Mean Forecast Error (Bias) (MFE) = RSFE/N Mean Absolute Deviation (MAD) = (SUM of the Absolute Value (At - Ft))/N Tracking Signal (TS) = RSFE/MAD Measures of Forecast Error (Pasted Formulas) . RSFE - Running Sum of Forecast Error RSFE = >(A, - FD) . MFE - Mean Forecast Error (Bias) MFE = E(A - F) RSFE N . MAD - Mean Absolute Deviation MAD : EIA - FI . TS- Tracking Signal RSFE TS = MAD