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N X

N ( X X )2

Given a population { X1 , X2 , . . . , X N }, Mean: X = i=1 i ; Variance: Var( X ) = i=1 i

.

N

N

Standard deviation for the population: = Var( X ). Coefficient of Variation for the population: CV = / X.

Prob(exponential random variable with mean t) = 1 et/

For a normal random variable N (, 2 ), ( N (, 2 ) )/ = N (0, 1) is the standard normal random variable. If

we sum L many independent normal random variables N (, 2 ), the sum is a normal random variable N ( L, L2 ).

normdist( x, mean, stdev, 1) : normal cumulative density at x,

Excels Normal Probability functions:

Areas under the standard normal curve from to z and L(z) = normdist(z, 0, 1, 0) z (1 normdist(z, 0, 1, 1)):

z

Area

L(z)

z

Area

L(z)

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

0.54 0.58 0.62 0.66 0.69 0.73 0.76 0.79 0.82 0.84 0.86 0.88 0.9 0.919

0.35 0.31 0.27 0.23 0.20 0.17 0.14 0.12 0.10 0.08 0.07 0.06 0.05 0.037

1.5

1.6

1.65

1.7

1.8

1.9

2.0

2.1

2.2

2.3

2.4

2.5

2.6

0.933 0.945 0.950 0.955 0.964 0.971 0.977 0.982 0.986 0.989 0.992 0.994 0.995

0.029 0.023 0.020 0.018 0.014 0.011 0.008 0.006 0.005 0.004 0.003 0.002 0.001

The following formulas until the diamond sign are included after students specifically asked for them.

Inventory turns =

Annual Per Unit Inventory Cost =

COGS

1

=

.

Flow time

Value of the Inventory

Annual Inventory Cost

.

Number of Inventory Turns Per Annum

Thruput = Min{Input rate, Process capacity, Demand rate}.

Requested cycle time =

Designed cycle time =

Flow rate =

Cost of direct labor =

Idle time for worker at resource i =

.

Demand per week

1

.

Process Capacity

1

.

Cycle time

Total Wages

.

Flow Rate

Cycle time Number of workers at resource i

Process Utilization =

Implied Utilization =

Labor content

.

Labor content + Total idle time

Flow Rate

.

Process Capacity

Capacity Requested by Demand

Available Capacity

Replace X-1 with X for continuous production.

Capacity given Batch Size =

Recommended Batch Size =

Return on invested capital =

Littles Law:

Batch Size

.

Set-up time + Batch-size*Time per unit

Flow Rate * Setup Time

.

1-Flow Rate*Time per Unit

Return

Return

Revenue

=

;

Invested Capital

Revenue Invested Capital

Return

Revenue - Fixed costs - Flow rate*Variable costs

=

,

Revenue

Revenue

Revenue

Flow Rate*Price

=

.

Invested Capital

Invested Capital

R: Demand rate per time. P: Production rate per time. K: Fixed (Setup) cost. h: Holding cost rate per

time per unit.

Average Inventory=Q/2.

Length of an Inventory Cycle=Q/R.

1Q

( P R)h

|2 P {z

}

EPQ( P) =

KR

Q

|{z}

2KR

(1 R/P)h

1

Qh

2

|{z}

EOQ =

2KR

=

h

lim

KR

Q

|{z}

Set up cost per time

2KR

= EPQ( P = )

(1 R/P)h

With P = and Q = EOQ, the total cost C ( Q) per time becomes C ( Q = EOQ; P = ) =

2KRh.

The regular production is kept constant (level) over periods and demand fluctuations are satisfied

with overtime production. If the regular production has a capacity then, we may be forced to produce at

that capacity. In general,

{

}

Sum of the demands

Regular production quantity = min

, Regular production capacity

Number of periods

Here is an example, suppose the demand for the next two weeks are 50 and 100 and the regular production capacity is 70. We can produce only 140 units in two weeks on regular time. The remaining 10

(=150-140) units are produced in overtime. It is better to do the overtime in the second week to save on

inventory holding. Then the regular production is 70 and 70 in the first and the second week while the

overtime production is 0 and 10 units in the first and the second week.

Queues

CVa = St.Dev.of interarrival time/Aver. interarrival time. CVp = St.Dev.of service time/Aver. service time.

CVa and CVp are CV of interarrival and service times.

If a queue with m servers has average interarrival times a and activity times p, its utilization u and the

approximate expected waiting time Tq are:

u=

p

.

am

T = Tq + p.

Then, we have:

Tq =

(

)(

)

CVa2 + CVp2

u 2(m+1)1

.

m

1u

2

(p)

Ip = m u.

I = Iq + I p .

Iq = (1/a) Tq .

I = (1/a)( Tq + p).

p Wages per time

Total wages per time

=

=

Flow rate per time

1/a

u

If a queue with m servers has average interarrival times a and activity times p, let r := p/a, then

(r m )/(m!)

or use Erlang loss table.

im=0 (ri )/(i!)

1

The rate of served output =

Prob(Not all servers are busy).

a

Quality

If the sandard deviation of a population is , then the standard deviation of the sample means of

this population is

X =

n

where n is the size of each sample.

Control charts:

LCL=Average of Sample Means z StDev of Sample Means

where we choose z so that Type I error probability is . One can also use

LCL=norminv(/2,mean,stdev), UCL=norminv(1-/2,mean,stdev).

One can also use

UCL=Average of Sample Means + A2 R.

Standard deviation can be estimated by X = R/d

2.

Range Chart: LCL=D3 R and UCL=D4 R.

Table for A2 , D4 , D3 and d2 under 99.74% or 3X confidence:

Sample size

2

3

4

5

A2

1.88

1.02

0.73

0.58

D3

0

0

0

0

D4

3.27

2.57

2.28

2.11

d2

1.12

1.69

2.06

2.33

Sample size

6

7

8

9

A2

0.48

0.42

0.37

0.34

D3

0

0.08

0.14

0.18

D4

2.00

1.92

1.86

1.82

d2

2.53

2.70

2.85

2.97

p (1 p )

n

Process capability:

Cp = Process capability ratio =

6X

Inventory

In-stock Probability = Prob(Demand Q) =

Cu

Cu + Co

Expected (lost sales=shortage) in a season = E(max{Demand in a season Q, 0}). When the demand is normally distributed with mean and standard deviation , the expected lost sales is L(z),

where

Q

z=

and L(z) = normdist(z, 0, 1, 0) z (1 normdist(z, 0, 1, 1))

Expected demand = = Expected sales + Expected lost sales.

Inventory = Q = Expected sales + Expected left over inventory.

Service measures:

Instock probability = Prob(Demand Q)

Expected lost sales

Expected sales

= 1

Fill rate =

Expected demand

Expected demand

Inventory level=(On-hand inventory)-(Backorder) and Inventory position=(Inventory level)+(Onorder inventory)

In the basestock policy, we keep inventory position at S to cover (lead time + 1) periods demand.

Basestock is just another name for order-up-to level.

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