Describe the role of inventory management within the context of operations management based on the simulation experience. Compare and contrast the three inventory models for
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- Describe the role of inventory management within the context of operations management based on the simulation experience.
- Compare and contrast the three inventory models for independent demand (Heizer et al., 2022, p. 496) by briefly identifying examples or scenarios in which each model is best suited.
- Designate an inventory model that would be helpful in achieving your simulation outcome. Explain your rationale for choosing the designated inventory model and how it enables your strategy.
- If D = 8000 per month, S = $45 per order, and H = $2 per unit per month
- 4(a) what is the economic order quantity?
- 4(b)how does your answer change if the holding cost doubles?
- 4(c) what if the holding cost drops in half?
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