Using the fixed-time-period inventory model, and given an average daily demand of 300 units, 4 days between inventory reviews, 5 days for lead time, 1,200 units of inventory on hand, a z of 1.96, and a standard deviation of demand over the review and lead time of 12 units, what quantity should be ordered?
Fill in the blank(s) with the appropriate word(s).
1,525
Using Equation 20.11, q = [300 × (5 + 4) + 1.96 × 12] - 1,200 = 2,700 + 23.52 - 1200 = 1,524.52 = about 1,525.
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