Mathematics Homework Help
DSCI 533 UMW Statistical Optimization Models and Concepts
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Show steps for all problems. Attach the original Excel files, including the answer report and the sensitivity report for the LP models, and time series forecasting files.
Demand for a popular athletic shoe is nearly constant at 31200 pairs per year for a regional division of a national retailer (365 working days). The cost per pair is $54. It costs $72 to place an order, and annual holding costs are charged at 15 % of the cost per unit. The lead time is two weeks (14 days) (show steps).
a.
What is the EOQ?
b.
What is the reorder point?
c.
What is the cycle time?
d
e.
What is the total annual cost?
If currently order quantity is 500, how much the firm can save by ordering optimal quantity?
