Geoff Gullo Owns A Small Firm That Manufactures Assignment

Assignment Task

Q1 – Gullo Sunglasses

Geoff Gullo owns a small firm that manufactures “Gullo Sunglasses.” He has the opportunity to sell a particular seasonal model to Land’s End. Geoff offers Land’s End two purchasing options:

• Option 1 . Geoff offers to set the price at $65 and agrees to credit Land’s End $53 for each unit Land’s End returns to Geoff at the end of the season (because those units did not sell). Since styles change each year, there is essentially no value in the returned
• Option 2. Geoff offers a price of $55 for each unit and returns are no longer accepted in this case, Land’s End throws out unsold units at the end of the season.

This season’s demand for this model will be normally distributed with a mean of 200 and standard deviation of 125. Land’s End will sell those sunglasses for $100 each. Geoff’s production cost is $25.

Q1.1 - How much should Land’s End buy if they chose option 1?

Q1.2 - How much should Land’s End buy if they chose option 2?

Q2 – Aircraft Manufacturing plant

An aircraft manufacturing plant uses a large number of rivets called fasteners when assembling the fuselage of a plane. Many small teams of workers operate on different areas of the aircraft in parallel. Each team gets the fasteners it needs from its inventory holding cart. Each team's inventory holding cart uses a two-bin system: each bin contains 250 units when full, and workers initially take any needed fasteners from the first bin. Immediately after the first bin is emptied, a replenishment order for a new (full) bin is placed and the workers begin taking rivets from the second bin until emptied, etc.

It takes exactly 3 hours for a replenishment order to arrive from the plant's central supply room.

Assume the following:

• Workers only work on one aircraft fuselage at a time
• Demand of fasteners in different hours are independent from each other

Q2.1 - If a team's hourly demand during fuselage assembly is normally distributed with an average of 60 fasteners per hour and a standard deviation of 30 fasteners per hour, what is the probability of a fastener stock-out for that team during any replenishment/bin replacement cycle?

Q2.2 - Under the same demand assumptions as in Q2.1, what is the minimum number of fasteners that a full bin should contain in order to keep the probability of a stockout during any replenishment/bin replacement cycle below 1%?

Q3 – Project team in a bank 

A project team in a small bank is studying the productivity of the cashier operations. Technical variability in transaction (deposit/withdrawal) times is identified as a potential area for improvement. The average time for such a transaction is currently normally distributed with mean 2 minutes and standard deviation 50 seconds. An “efficiency standard” has been laid down that transactions should not exceed 3.5 minutes.

Q3.1.- In this environment, what is the upper capability measure of the cashier transaction times? Q3.2. - What is the current probability of missing the efficiency standard limit?

Q3.3 - If the transaction completion process was upgraded and the upper capability measure (Cpu) of the transaction times was equal to 1.25 instead, what would be the probability of missing the efficiency standard limit?

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