Use the weekly usage data for Item H1, along with any other relevant parameters from your work on part ‘a’ (above), to develop the MRP records for Items H1, K3 and M4 over the first 26 weeks of 2015.
. OPM2 Component Data X This is a Word file. You must download the file.
2. OPM2 Weekly Usage Data Y This is an Excel file. You must download the file.
The supporting Excel and Word files (see above) provide Normally distributed usage data and other key information relating to the inventory management and replenishment of components within a furniture assembly operation. Your task is to analyse and evaluate these data, using your choice of the methods covered in the lectures delivered since Reading Week. Specifically, you are required to:
a) Work out the key replenishment parameters for Item H1. Then, produce a fully-labelled graph of the expected inventory level for this component over the first 20 weeks of 2015.
b) Calculate the expected average inventory level (no. units) and value (£) for each component, during the whole of 2015.
c) Provide a detailed alternative inventory management policy that would help the company reduce its total annual stockholding costs by at least 20%, and quantify the expected savings.
d) Use the weekly usage data for Item H1, along with any other relevant parameters from your work on part ‘a’ (above), to develop the MRP records for Items H1, K3 and M4 over the first 26 weeks of 2015.