## Income at Law Firm Smith Wesson Assignment Help With Solution

1.Income at law firm Smith Wesson for the period February to April is as follows:

Month | February | March | April |

Income ($’000) | 70.0 | 68.5 | 64.8 |

Use trend adjested exponential smoothing to forecase the law firm’s May income. Assuming that the initial forecast for February is $65 000 and the initial trent adjecstment is 0. The smoothing constant selected are, (alpa)=0.1, and (beta)=0.2

2.Mr. Beautiful (Mr. B) has an ordering cost of $40, and a carrying cost of $5 per unit per year. Mr. B orders seven times a year and has a stockout cost of $50 per order. The demand during the lead time is probabilistic with the following distribution:

Demand during Lead Time | Probability |

40 | 0.1 |

50 | 0.2 |

60 | 0.2 |

70 | 0.2 |

80 | 0.2 |

90 | 0.1 |

Total: | 1 |

If the reorder point is 60, what level of safety stock should be maintained by Mr. B?

3.A small firm, NL Latex, has a daily demand of 300kg of latex. The company operates 250 days per year. The annual cost of capital to the firm is 40%. Currently the company buys the needed latex from a supplier. Its accounting department estimates that the supplier’s price per kg is $100, and the cost of placing an order on the supplier is $75 per order.

Recently, the supplier has sent a new pricing list:

Range | Discount |

300-399 | 5.00% |

400-499 | 6.00% |

500-3999 | 9.00% |

4000-5999 | 9.50% |

6000 & above | 10.00% |

What is the optimal decision and its Annual Total Cost?

4.Recent difficult economic times have caused an increase in the foreclosure rate of home mortgages. Statistics from the Penn Bank and Trust Company show their monthly foreclosure rate is now one loan out of every 136 loans. Last month the bank approved 300 loans.

a. How many foreclosures would you expect the bank to have last month?

b. What is the probability of exactly two foreclosures?

c. What is the probability of at least one foreclosure?

5.A study of the checkout lines at the Safeway Supermarket in the South Strand area revealed that between 4 and 7 P.M. on weekdays there is an average of four customers waiting in line. What is the probability that you visit Safeway today during this period and find:

a. No customers are waiting?

b. Four customers are waiting?

c. Four or fewer are waiting?

d. Four or more are waiting?

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