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Supply Chain Management: Service Level, Uncertainty, Safety Stock

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1 PENN STATE UNIVERSITY ABINGTON SPRING 2020 Subject: Supply Chain Management Topic: Exam II Instructor: Dr. Joseph Jang Due Date: 4/06/2020 PLEASE ANSWER ALL QUESTIONS, EACH IS WORTH 10 POINTS. *****PENALTY FOR UNTYPED ANSWERS: (-20 POINTS). *****PENALTY FOR EVIDENCE OF TEAM ANSWERS: (-100 POINTS) 1. Discuss the relationship between service level, uncertainty, safety stock, and order quantity. How can trade- offs between these elements be made. 2. Compare and contrast the transportation principles of economy scale and economy of distance. Discuss how they combine to create efficient transportation. 3a. Under what conditions could it make sense to combine private and public warehouses in a logistical system? b. Discuss the economic justification for establishing a warehouse. 4a. Discuss the logistics considerations for operating in a global environment. b. Discuss the rationale and challenges related to sourcing from low-cost countries. 5a. The provincial government uses massive quantities of computer paper, which it buys centrally. The purchasing department calculates an economic order quantity based on an assumed carrying cost rate of 30% per year. A box of printer paper cost $45, it costs $80 to process an order, and annual demand is for 44,000 boxes of paper. i. What is the EOQ or Qopt? Provide computations for full points. No points for answers only. b. Jangson Group purchase items from a vendor at a cost of $20 each, and the forecast for next year’s demand is 1000 units. If it costs $5 every time an order is placed for more units and the storage cost is $4 per unit per year. Compute the following: i. What is the EOQ or Qopt? Provide computation for full points. No points for answers only. ii. What is the Total Ordering Cost for a year? Provide computation for full points. No points for answers only. iii. What is the Storage Cost for a year? Provide computation for full points. No points for answers only. 2 6. Use these forecasted data for Jangson Group in questions 6-8 to compute the following: a. Mean Error (ME): b. Mean Absolute Deviation (MAD): c. Mean Square Error (MSE): d. Mean Absolute Percentage Error (MAPE): Provide computation. No points for answers only. Days Sales Forecast Error Absolute Error Square Error Absolute % Error 1 328 326 2. 310 337 3. 355 348 4 362 359 5. 375 369 6. 380 380 7. 408 391 8. 415 401 9. 417 412 10. 412 423 11. 429 434 12. 434 444 13. 449 455 14. 471 466 15. 475 476 16. 489 487 Total: Mean: 7. Days Sales Forecast Error Absolute Error Square Error Absolute % Error 1 10 10 2. 18 10 3. 29 11 4 15 13 5. 30 13 6. 12 15 7. 16 15 8. 8 15 9. 22 14 10. 14 15 11. 15 15 12. 27 15 13. 30 16 14. 23 17 15. 15 18 16. 20 18 Total: Mean: 3 8. Days Sales Forecast Error Absolute Error Square Error Absolute % Error 1 30 21 2. 12 25 3. 16 19 4 8 19 5. 22 12 6. 14 15 7. 15 15 8. 27 17 9. 30 19 10. 23 24 11. 15 27 12. 20 23 Total: Mean: IMPORT & EXPORT 9a. As an aspiring entrepreneur, discuss how you’ll launch your business on the Web in a potential foreign market considering the sociocultural factors. b. Discuss the two forms of financing in International Trade: Secured and Unsecured. 10. Discuss the types of risks for doing business in the global markets and how to avoid them. DUE DATE: 4/06/2020 TIME: 12:00 midnight PENALTY FOR LATENESS: -10 POINTS <><><><><><><><><><><><><><><>GOOD LUCK!!<><><><><><><><><><><><><><><><><>

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Supply Chain Management
The relationship between service level, uncertainty, safety stock, and order quantity and how trade-offs between these elements can be made
Safety stock is a term that is usually applied to denote the degree of extra stock that organizations maintain to lower the risks of running out of stock and to remain afloat. Companies usually hoard stock safety whenever the lead time of a commodity or demand level is uncertain. This works as an insurance against the deficiency or stockout. On the other hand, inventory policy offers guidelines when a company’s administration needs to take action, what to purchase, and in what quantity (Bharat 11). Service level refers to the performance goals or targets designed by the management for the company to accomplish. Service levels play a pivotal role in defining the performance objectives of an inventory. Measures of service levels according to the order cycle includes line fill rate, case and time fill rates, as well as order fill rate.
A business inventory refers to one of the company’s vital assets that represent a specific investment that the firm ties up until the product is purchased or converted into an item that is sold. On the other hand, an order quantity implies that a specific amount of return should be anticipated from a supplier whenever the consumer places an order (Bowersox 37). However, order quantity varies depending on the quantum and frequency at which orders are placed. Service level is a function of the amount of stock and order quantity. The two determine how well or poorly a client is serviced.
Comparison of the transportation principles of economy scale and economy of distance and discussion of how they combine to create efficient transportation
Transport principles are designed to develop higher standards and enhance integrity in the transportation system. At the same time, the economy of scale is a technique that is developed to reduce costs and expenses in the transport system. Transportation principles and economies of scale help to establish an efficient and effective way of transportation (Pagano, and Liotine 63). For instance, transporting vast quantities of commodities over long distances helps to save money because such lengths are characterized by fixed costs and are distributed or shared evenly over the whole shipment.
Conditions under which it could make sense to combine private and public warehouses in a logistical system
Companies may have to combine public and private warehouses when they intend to expand the scope of their logistical system to incorporate other logistic functions, including order processing, customer services, return processing, transportation, and inventory control. A combination of these warehouses can also enable companies to take responsibility for the overall logistic framework for firms that produce, manufacture, and market their products (Wee et al., 97). This helps the company to share the risks involved in the operation and running of the warehouses between the client and the customer.
The economic justification for establishing a warehouse
Economic advantages include breakbulk, conso...
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