Explain the link between the yearly ordering cost and the amount of the order. Why is it necessary to compute the Economic order quantity?
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Explain the link between the yearly ordering cost and the amount of the order.
Why is it necessary to compute the Economic order quantity?
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Explain the relationship between the annual ordering cost and the ordering size. Why is there a need to compute for the Economic order quantity?Discuss the relationship between Economic Order Quantity and Just-In-Time inventory system. Which factors need to be considered while deciding the economic order quantity of products? ANSWER AND REFERENCE
- Please Show EVERY Working VERY Clearly! Calculate the Economic Order Quantity, Total Annual Cost, Reorder Point, and ADDITIONAL Annual Cost (using a GRAPH) if the Procurement Manager increase the order quantity by 25% from the above EOQ.Explain the differences between inventory carrying costs and ordering costs.A jewelry firm buys semiprecious stones to make bracelets and rings. The supplier quotes a price of $8 per stone for quantities of 600 stones or more, $9 per stone for orders of 400 to 599 stones, and $10 per stone for lesser quantities. The jewelry firm operates 200 days per year. Usage rate is 25 stones per day, and ordering costs are $48. a. If carrying costs are $2 per year for each stone, find the order quantity that will minimize total annual cost. (Round your intermediate calculations and final answer to the nearest whole number.)b. If annual carrying costs are 30 percent of unit cost, what is the optimal order size? (Round your intermediate calculations and final answer to the nearest whole number.)c. If lead time is six working days, at what point should the company reorder?