Answer the following questions:

Question 1

A company uses 36,000 tyres to produce car wheels every year. The company can make its own tyres simultaneously at a rate of 500 per day and the carrying cost is £2 per tyre per annum. If the company is open for 240 days of the year and each production run incurs a set-up cost of £40, what is:
Economic production quantity
Total annual set-up and carrying cost
Cycle time for economic production quantity
Run time

Be sure to demonstrate your work and provide a brief interpretation. (200 words maximum)

By Day 3, submit your Key Concept Exercise to the submission link provided.

Question 2

Why is inventory management important to an organisation, and how can inventory management enable an organisation to improve its competitiveness? (300 words maximum)

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