(EOQ, sensitivity analysis) Janet Monet wanted to know what the economic order quantity for an important component...
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(EOQ, sensitivity analysis) Janet Monet wanted to know what the economic order quantity for an important component would be. Upon your inquiry, she esti¬ mated annual usage to be 6,000 units, cost of each order to be $15, and cost of carrying each unit to be $.20 annually.
a. Calculate the economic order quantity. What is the total cost associated with this EOQ?
b. Suppose that Janet is worried and, upon inquiry, she says each element she estimated may be only 90 percent of the actual amount. Recalculate EOQ and total cost using the revised estimates.
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