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Wood Watercolors is a commercial art gallery that uses a four - week periodic review system to reorder paintings for its showrooms. A one -
Wood Watercolors is a commercial art gallery that uses a fourweek periodic review system to reorder paintings for its showrooms. A oneweek lead time is required to fill the order. Demand for one particular style of painting during the fiveweek replenishment period is normally distributed with a mean of units and a standard deviation of units. a At a particular periodic review, units are in inventory. The curator places an order for units. What is the probability that this style of painting will have a stockout before an order that is placed during the next fourweek review period arrives? Round your answer to four decimal places. b Assume that the gallery is willing to tolerate a chance of a stockout associated with a replenishment decision. How many paintings should the curator have ordered in part aRound your answer to the nearest integer. cWhat is the replenishment level for the fourweek periodic review system? Round your answer to the nearest integer.
Wood Watercolors is a commercial art gallery that uses a fourweek periodic review system to reorder paintings for its showrooms. A oneweek lead time is required to fill the order. Demand for one particular style of painting during the fiveweek replenishment period is normally distributed with a mean of units and a standard deviation of units.
a At a particular periodic review, units are in inventory. The curator places an order for units. What is the probability that this style of painting will have a stockout before an order that is placed during the next fourweek review period arrives? Round your answer to four decimal places.
b Assume that the gallery is willing to tolerate a chance of a stockout associated with a replenishment decision. How many paintings should the curator have ordered in part aRound your answer to the nearest integer.
cWhat is the replenishment level for the fourweek periodic review system? Round your answer to the nearest integer.
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