- Analyze Lot Size Decision Rules Your manager is considering to switch from lot-for-lot to periods of supply. She has asked you to review the lot size decision rules and to recommend which one would be best for the company. You confer on the ground rules and agree that a multiplier of three will be assigned for best performance in a category, two for second place, and one for last.
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You have been provided the following data:
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Write My Essay For Me- Quality is the leading attribute to be considered and has been assigned a 45% weighting. The best record for quality has been achieved by lot-for-lot, followed by periods of supply, dynamic order quantities, and fixed order quantities in last
- Cost is the second most important attribute with a 30% weight. Cost is highest with fixed order, second highest is dynamic order, followed by periods of supply, and the lowest cost is lot-for-lot.
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Create a simple MS Excel spreadsheet to enter the relevant data and to calculate the composite score for each of the lot decision rules. Post your spreadsheet for the class and state your recommendation for which supplier to drop from the list.
MODEL ANSWER
In the case study, the quality has been set | PLACE YOUR ORDER NOW AT writtask.com | of the quality between periods of supply and the quality comparison is given as
Quality of lot-for-lot is greater that the quality of periods of supply.
The score for the quality of lot-for-l | PLACE YOUR ORDER NOW AT writtask.com | quality of periods of supply can be given as 0.45*2 = 0.9.
On the other hand, the cost has been | PLACE YOUR ORDER NOW AT writtask.com | comparison given between periods of supply and the lot-for-lot is given based on:
Lot-for-lot priority being greater than | PLACE YOUR ORDER NOW AT writtask.com | dynamic order which is again greater than the fixed order (Newburn & Ferris, 2016).
The score for cost of lot-for-lot will be given as 0.3*3 = 0.9 and the score for the cost of periods of sale is given as 0.3*2 = 0.6
The excel sheet is as attached.
A combination of the score for the lot-for-lot is thu | PLACE YOUR ORDER NOW AT writtask.com | score for the periods of sale is given as 0.9+0.6 which gives 1.5. This shows that the lot-for-lot leads by 0.75.
The result also | PLACE YOUR ORDER NOW AT writtask.com | that if the | PLACE YOUR ORDER NOW AT writtask.com | period has to be same | PLACE YOUR ORDER NOW AT writtask.com | lot-for-lot, the weightage for the other 25% ought to be, the first position periods of sale with a score of 3 and t | PLACE YOUR ORDER NOW AT writtask.com | position with a score of zero. This may not be feasible which leaves lot-for-lot as the most recommended (Bae, Moon & Yun, 2016).
References
Bae, H., Moon, I., & Yun, W. (2016). A time-varying lot of sizes approach for the economic lot scheduling problem with returns. International Journal of Production Research, 54(11), 3380-3396.
Newburn, D. A., & Ferris, J. S. (2016). The effect of downzoning for managing residential development and density. Land Economics, 92(2), 220-236.
Sun, J., Yamamoto, H., & Matsui, M. (2020). Horizontal integration management: An optimal switching model for parallel production system with multiple periods in smart supply chain environment. International Journal of Production Economics, 221, 107475.
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