Based on your experience and shopping habit, discuss WHAT inventory control model you will use in the following scenarios and WHY you will use that specific model. a. Supply our kitchen with fresh food b. Obtaining a daily newspaper c. Buying gas for your car d. Ordering the game sweater for the community baseball game Inventory control models: Single period model (also called Newsvendor model) Fixed order quantity model (also called Q-model or EOQ model) Fixed time model (also called P-model)

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08-02-2021
Business

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Based on your experience and shopping habit, discuss WHAT inventory control model you will use in the following scenarios and WHY you will use that specific model. a. Supply our kitchen with fresh food b. Obtaining a daily newspaper c. Buying gas for your car d. Ordering the game sweater for the community baseball game Inventory control models: Single period model (also called Newsvendor model) Fixed order quantity model (also called Q-model or EOQ model) Fixed time model (also called P-model)

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Tundexiidn Tundexiidn · Answer 1 · 2021-02-11T06:43:43-05:00

Answer:

2 types of inventory models:

1. Fixed Reorder Quantity System - It is a system where an alarm is raised when the inventory level drops below a fixed quantity and inventory is restocked based on demand.

2. Fixed Reorder Period System - It is a system where an alarm is raised after a fixed period of time and inventory is restocked based on demand.

The following situation are:

1. Supply kitchen with fresh food - Both Fixed Reorder Quantity System and Fixed Reorder Period System are suitable for this situation. Reason: Food is considered basic need. Certain food items are stocked when the inventory level drops below a fixed quantity and certain food items are stocked after a fixed period of time, both as per demand.

2. Obtaining daily newspaper - Fixed Reorder Period System is only suitable for this situation. Reason: Subscription is renewed only on completion of the fixed period.

3. Buying gas for your car - Fixed Reorder Quantity System is only suitable for this situation. Reason: Gas for your car is something you buy when the level of inventory drops below a fixed quantity and hence used.

4. Ordering the game sweater for the community baseball game - Fixed Order Period System is only suitable for this situation. Reason: Game sweater is required only during the game and you will order/buy the game sweater during the game only.

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