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Inventory Models
Supplement D
Demand during
production interval
Imax
Maximum inventory
p–d
Time
Production Demand
and demand only
TBO
© 2007 Pearson Education
Noninstantaneous
Replenishment
Imax =
Q
p
(p – d) = Q (
p–d
p )
Total annual cost (C) = Annual holding cost +
annual ordering or setup cost
D = annual demand
d = daily demand
Q p–d
C =2 p ( ) D
+ Q (S) p = production rate
S = setup costs
Q = ELS
© 2007 Pearson Education
Economic Lot Size (ELS)
D = annual demand
2DS p d = daily demand
ELS = p = production rate
H p–d S = setup costs
H = annual unit holding cost
C=
2 190
(
4873.4 190 – 30
) 10,500
($0.21) + 4873.4 ($200)
4873.4
Production time =
190
2 DS p 2(10,080 )(100,000 ) 60
ELS = = = 1555.38
H p−d 2,000 60 − 35
or 1555 engines
2DS 2(936)(45)
EOQ 57.00 = = = 77 units
H 0.25(57.00)
© 2007 Pearson Education
Example D.2
continued
2DS 2(936)(45)
EOQ 57.00 = = = 77 units
H 0.25(57.00)
Not feasible
2DS 2(936)(45)
EOQ 58.80 = = = 76 units
H 0.25(58.80)
Not feasible
2DS 2(936)(45)
EOQ 60.00 = = = 75 units Feasible
H 0.25(60.00)
This quantity is feasible because it lies in the range corresponding to its price.
Order Quantity Price per Unit
Annual demand (D) = 936 units
0 – 299 $60.00 Ordering cost (S) = $45
300 – 499 $58.80 Holding cost (H) = 25% of unit price
500 or more $57.00
© 2007 Pearson Education
Example D.2
continued
Step 2: The first feasible EOQ of 75 does not correspond to
the lowest price level. Hence, we must compare its total cost
with the price break quantities (300 and 500 units) at the
lower price levels ($58.80 and $57.00):
Q D
C= (H ) + (S) + PD
2 Q
75 936
C75 = [(0.25)($60.00)] + ($45) + $60.00(936) C75 = $57,284
2 75
300 936
C300 = [(0.25)($58.80)] + 300 ($45) + $58.80(936) = $57,382
2
500 936
C500 = [(0.25)($57.00)] + 500 ($45) + $57.00(936) = $56,999
2
The best purchase quantity is 500 units, which qualifies for the deepest
discount.
© 2007 Pearson Education
Decision Point:
If the price per unit for the range of 300 to 499 units is reduced to $58.00,
the best decision is to order 300 catheters, as shown below. This shows that
the decision is sensitive to the price schedule. A reduction of slightly more than
1 percent is enough to make the difference in this example.
Payoff = (Profit per unit during season) (Demand) – (Loss per unit) (Amount
disposed of after season) = pD – l(Q – D)
© 2007 Pearson Education
Example D.3
A gift museum shop sells a Christmas ornament at a $10 profit per unit
during the holiday season, but it takes a $5 loss per unit after the season is
over. The following is the discrete probability distribution for the season’s
demand:
Demand 10 20 30 40 50
Demand Probability 0.2 0.3 0.3 0.1 0.1
Q 10 20 30 40 50 Expected Payoff
10 $100 $100 $100 $100 $100 100
20 50 200 200 200 200 170
30 0 150 300 300 300 195
40 –50 100 250 400 400 175
50 –100 50 200 350 500 140
Payoff
Expected
Payoff if=Q30=ifand
payoff
if Q 30
Q and=D20:
=D30: = 40:
pD –pD
l(Q= –10(30) = $300
0(0.2)+(150(0.3)+300(0.3+0.1+0.1)
D)=10(20) – 5(30 – 20)= =$195
$150
© 2007 Pearson Education
© 2007 Pearson Education
Example D.3 OM Explorer Solution
2(100)(52)($351) 400
ELS = = 780 sweaters
0.20($40) (400 – 100)
b. ELS 780
TBOELS = = = 0.15 year or 7.8 weeks
c. D 5,200
Q p–d
C =2 p ( D
(H) + Q (S) )
C=
780
2
( )
400 – 100
400
5,200
(0.20 x $40) + 780 ($351)
The highest expected payoff occurs when 400 skirts are ordered.
Probabilities
0.05 0.11 0.34 0.34 0.11 0.05