Abstract
A problem set to review the concepts of periodic review inventory systems. These problems can be assigned for additional practice in calculating order quantities, inventories, and relevant costs. This can be used with the note Managing Inventories: Periodic Review System (UVA-OM-0975). Excerpt UVA-OM-1488 Rev. Nov. 21, 2013 PERIODIC REVIEW INVENTORY SYSTEMS: PRACTICE PROBLEMS 1. Demand for an item is 1,661 units per year with a standard deviation of 60. A periodic review system is used with an order interval of four weeks. Order lead time is three weeks. Assume 52 weeks per year. a. How many orders will be placed per year? b. What is the average order size? . . .
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