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A single inventory item is ordered from an outside supplier. The anticipated demand for this item over the next 7 months is 13, 11, 14, 13, 7, 8, 5. Current inventory of this item is 3, and the ending inventory should be 4. Assume a holding cost of $2 per unit per month and a setup cost of ($75+3rd digit of your id). Assume a zero lead time. Determine the order policy for this item over the next 7 months. (3 points) Suppose that the maximum order size is 12 per month. Does there exist a feasible solution? If there does not exist a feasible solution, what is first month when there will be a shortage? (b) (3 points) Suppose that the maximum order size is 12 per month. Use lot-shifting technique to obtain a feasible solution (without using holding and setup cost). (C)(3 points) Improve the solution obtained in Part. Assuming a maximum order size of 12 units per month and using the back-shifting technique, find another solution that has less total holding and setup cost than the solution obtained in Part.
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