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Category > Management Posted 03 Feb 2018 My Price 8.00

Kremer Chemical Company

(Normal probability distribution) Kremer Chemical Company has a contract with one of its customers to supply a unique liquid chemical product. Historically, the customer places order approximately every 6 months. Since the chemical needs 2 months ageing time, Kremer will have to make its production quantity decision before the customer places an order. Kremer’s inventory problem is to determine the number of kilograms of the chemical to produce in anticipation of the customer’s order.

Detailed information:

 

Kremer’s manufacturing cost:

£15/kg

Fixed selling price:

£20/kg

Underestimation (Kremer to buy substitute + transportation):

 

£24/kg

Overestimation (Kremer to reprocess and sell the surplus)

 

£5/kg

Normal probability distribution (Figure 8) best describes the possible demand.

 

Answers

Maurice Tutor
(5)
Status NEW Posted 03 Feb 2018 10:02 PM My Price 8.00

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