Mechanical Engineering Exam > Mechanical Engineering Questions > Robot Ltd. wishes to maintain enough safety s...
Start Learning for Free
Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.
Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).
Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).
Correct answer is '16.4'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Robot Ltd. wishes to maintain enough safety stock during the lead time...
The normal distribution, we can calculate the safety stock needed to achieve a 95% probability of satisfying customer demand during the lead time period.
First, we need to calculate the standard deviation of demand during the lead time period. Since the lead time period is 5 days and the daily demand has a standard deviation of 10 units, the standard deviation of demand during the lead time period is the square root of 5 times the standard deviation of daily demand.
Standard deviation of demand during lead time period = sqrt(5) * 10 = 22.36 units (rounded to two decimal places)
Next, we need to calculate the z-score corresponding to a 95% probability. The z-score represents the number of standard deviations away from the mean to achieve the desired probability. We can use a z-table or a calculator to find this value. For a 95% probability, the z-score is approximately 1.645.
Finally, we can calculate the safety stock by multiplying the standard deviation of demand during the lead time period by the z-score.
Safety stock = 22.36 * 1.645 = 36.73 units (rounded to two decimal places)
Therefore, Robot Ltd. should maintain a safety stock of approximately 37 units to achieve a 95% probability of satisfying customer demand during the lead time period.
First, we need to calculate the standard deviation of demand during the lead time period. Since the lead time period is 5 days and the daily demand has a standard deviation of 10 units, the standard deviation of demand during the lead time period is the square root of 5 times the standard deviation of daily demand.
Standard deviation of demand during lead time period = sqrt(5) * 10 = 22.36 units (rounded to two decimal places)
Next, we need to calculate the z-score corresponding to a 95% probability. The z-score represents the number of standard deviations away from the mean to achieve the desired probability. We can use a z-table or a calculator to find this value. For a 95% probability, the z-score is approximately 1.645.
Finally, we can calculate the safety stock by multiplying the standard deviation of demand during the lead time period by the z-score.
Safety stock = 22.36 * 1.645 = 36.73 units (rounded to two decimal places)
Therefore, Robot Ltd. should maintain a safety stock of approximately 37 units to achieve a 95% probability of satisfying customer demand during the lead time period.
Free Test
FREE
| Start Free Test |
Community Answer
Robot Ltd. wishes to maintain enough safety stock during the lead time...
Given :
Service level = 95%
For 95% service level
Z (95%) = 1.64
Lead time = 5 days
Mean, X = 50 units
Standard deviation, σ = 10 units
Safety stock, S.S. = Zσ = 1.64× 10 = 16.4 units
Therefore, the probability for the lead time period is 16.4 units.
Service level = 95%
For 95% service level
Z (95%) = 1.64
Lead time = 5 days
Mean, X = 50 units
Standard deviation, σ = 10 units
Safety stock, S.S. = Zσ = 1.64× 10 = 16.4 units
Therefore, the probability for the lead time period is 16.4 units.
Attention Mechanical Engineering Students!
To make sure you are not studying endlessly, EduRev has designed Mechanical Engineering study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Mechanical Engineering.
|
Explore Courses for Mechanical Engineering exam
|
|
Similar Mechanical Engineering Doubts
Top Courses for Mechanical EngineeringView all
Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer?
Question Description
Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? for Mechanical Engineering 2024 is part of Mechanical Engineering preparation. The Question and answers have been prepared according to the Mechanical Engineering exam syllabus. Information about Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? covers all topics & solutions for Mechanical Engineering 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer?.
Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? for Mechanical Engineering 2024 is part of Mechanical Engineering preparation. The Question and answers have been prepared according to the Mechanical Engineering exam syllabus. Information about Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? covers all topics & solutions for Mechanical Engineering 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer?.
Solutions for Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? in English & in Hindi are available as part of our courses for Mechanical Engineering.
Download more important topics, notes, lectures and mock test series for Mechanical Engineering Exam by signing up for free.
Here you can find the meaning of Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer?, a detailed solution for Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? has been provided alongside types of Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Robot Ltd. wishes to maintain enough safety stock during the lead time period between starting a new production run and its completion such that the probability of satisfying the customer demand during the lead time period is 95%. The lead time period is 5 days and daily customer demand can be assumed to follow the Gaussian (normal) distribution with mean 50 units and a standard deviation of 10 units.Using φ−1 (0.95)= 1.64 where φ represents the cumulative distribution function of the standard normal random variable, the amount of safety stock that must be maintained by Robot Ltd. to achieve this demand fulfillment probability for the lead time period is units (round off to two decimal places).Correct answer is '16.4'. Can you explain this answer? tests, examples and also practice Mechanical Engineering tests.
|
|
Explore Courses for Mechanical Engineering exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup