operation management

| December 3, 2015

A drugstore uses fixed review period inventory system for many of the items it stocks. The manager wants a service level of 98%. The order interval is 2 weeks, and lead time is 2 days. Average demand for one item is 40 units per day, and the standard deviation of demand is 3 units per day. Determine the optimal order quantity when there are 42 units of inventory on hand at the time of ordering.

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