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Question

1.    Given the following information, formulate a continuous-review inventory management system. Assume that there are 50 weeks in a year.    

 Item cost

 

$80 per unit

 

Standard deviation of weekly demand

 

 

 

  Order cost

 

$40

 

50 per week

 

  Annual holding cost (%)

 

10% of item cost

 

Lead time

 

1 week

 

  Annual demand

 

50,000

 

Target service level

 

98%

 

 Average demand

1,000 per week

 

 

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