Assignment: Choose 7 of the following to answer. 1. As a self-study exercise, complete the self-test at the end of each chapter. Use the key at the back of the book to correct your answers. Re-study pages for any items you answer incorrectly.

Assignment: Choose 7 of the following to answer.1.         As a self-study exercise, complete the self-test at the end of each chapter. Use the key at the back of the book to correct your answers. Re-study pages for any items you answer incorrectly.2.         List and describe the features of EOQ and ABC.3.         List and describe the types of carrying costs and ordering costs?4.         What is the ROP? How is it determined?5.         What is the purpose of sensitivity analysis?6.         What is the objective of JIT?7.         Ross White’s machine shop uses 2,500 brackets during the course of a year, and this usage is relatively constant throughout the year. These brackets are purchased from a supplier 100 miles away for $15 each, and the lead time is 2 days. The holding cost per bracket per year is $1.50 (or 10% of the unit cost), and the ordering cost per order is $18.75. There are 250 working days per year.·             What is the EOQ?·             Given the EOQ, what is the average inventory? What is the annual inventory holding cost?·             In minimizing cost, how many orders would be placed each year? What would be the annual ordering cost?·             Given the EOQ, what is the total annual inventory cost (including purchase cost)?·             What is the time between orders?·             What is the ROP?8.         Jan Gentry is the owner of a small company that produces electric scissors used to cut fabric. The annual demand is 8,000 scissors, and Jan produces the scissors in batches. On average, Jan can produce 150 scissors per day, and during the production process, demand for scissors has been about 40 scissors per day. The cost to set up the production process is $100, and it costs Jan 30 cents to carry one pair of scissors for one year. How many scissors should Jan produce in each batch?9.         The EOQ model has several assumptions. List them and explain whether they are readily attainable.

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