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Consider an item with A = $25; Dv = $4,000/year; σLv = $100; B1 = $30; and r =
0.10 $/$/year.
a. Find the following:
i. EOQ, in dollars
ii. k, using the B1 criterion
iii. SS, in dollars
iv. Annual cost of carrying SS
v. Total average stock, in dollars
vi. Expected number of stockout occasions per year
vii. Expected stockout costs per year
2. canadian Wheel Ltd. Establishes SSs to provide a fraction of demand satisfied directly from
Stock at a level of 0.94. For a basic item with an essentially level average demand, the annual
Demand is 1,000 units and an order quantity of 200 units is used. The supplier of the item
Ensures a constant lead time of 4 weeks to Canadian Wheel. The current purchase price
Of the item from the supplier is $0.80/unit. Receiving and handling costs add $0.20/unit.
The supplier offers to reduce the lead time to a new constant level of 1 week, but in doing
So, she will increase the selling price to Canadian by $0.05/unit. Canadian management is
Faced with the decision of whether or not to accept the supplier’s offer.
a. Qualitatively discuss the economic trade-off in the decision. (Note: Canadian would
Not increase the selling price of the item nor would they change the order quantity.)
b. Quantitatively assist management in the decision. (Assume that σt = σ1t
½ and σ4 = 100 units where σ4 is the standard deviation of forecast errors over the current lead time of 4 weeks. Also assume that forecast errors are normally distributed and that the
annual carrying charge is 20%.)
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