Describe the role of inventory management within the context of operations management based on the simulation experience.
Describe the role of inventory management within the context of operations management based on the simulation experience.
2. 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.
3. 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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