Statistics Solutions

(Solved) The Toyota dealer from problem 3 is considering installing either a Q or a P system for inventory control. The standard deviation of demand has

Question: The Toyota dealer from problem 3 is considering installing either a Q or a P system for inventory control. The standard deviation of demand has been 4 units per month, and the replenishment lead time is two months. A 95 % service level is desired.

  1. If a continuous review system is used, what is the value of Q and R that should be used?
  2. If a periodic review system is used, what is the values of P and T that would be applicable?
  3. What are the pros and cons of using the P systems compared with using the Q system for this part?

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Solution: The downloadable solution consists of 3 pages
Deliverable: Word Document


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