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Economic Order Quantity - Re-Order point - Economic Assignment Help
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Internal Code : 6CHDE
OR
1. A fully integrated oil company would be involved in the following major steps of the business process:
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Task : 1 1. How realistic are the assumptions of the Economic Order Quantity (EOQ) model? Discuss how the issues of safety stock can be incorporated in EOQ and re-order point (RP) while ordering inventory. Do you think the model is still used in practice? If not, what model is mostly used while ordering inventory? OR 2. If competitiveness reflects an organisation’s relative position vis-à-vis its competitors, briefly describe the role of operations in enhancing organisation-level competitiveness. Use competitive priorities such as cost, quality, speed, dependability and flexibility to support your answer. Task : 2 1. Melinda Scholer has spent the last few weeks determining inventory costs for TOCO, a toy manufacturer located near Taos, New Mexico. She knows that annual demand will be 20,000 units per year and that carrying cost will be $0.50 per unit per year. Ordering cost, on the other hand, can vary from $40 per order to $50 per order. During the last 486 working days, Melinda has observed the following frequency distribution for the ordering cost. Melinda’s boss would like Melinda to determine an EOQ value for each possible ordering cost and to determine an EOQ value for the expected (mean) ordering cost.
OR
1. A fully integrated oil company would be involved in the following major steps of the business process:
- searching for new oilfields
- drilling for oil
- building a new or extending an existing oil refinery
- managing an oil refinery
- delivering different fuel grades to petrol stations
- managing the sale of non-fuel goods at a petrol station
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