Math question: help

mikeinie · Post by **mikeinie** » Mon Jan 21, 2008 3:35 pm

I am now studying for a certificate in Logistics Management and suddenly they throw this question at me with no lesson in advance.

I keep working it out how I think it should be, but the answer is wrong.

what am I doing wrong?

Here is the question:

The formula for EOQ is Q=√2DP/IC

Q: Optimum Ordering Frequency

D: units of inventory

P: Cost of Inventory

I: Carrying cost of inventory as a %

C: Unit of an item of inventory

D=1500

P=$6

I = 25%

C = $20.

( I am sure you know this but: √ represents the square root)

What is the value of Q?

I keep getting the wrong answer:-5:-5:-5

along-for-the-ride · Post by **along-for-the-ride** » Mon Jan 21, 2008 4:26 pm

So. Mikeine, you are quitting your Human Resource position for this?

I cannot help you with this math problem. I don't understand this math problem.

My sincere good luck wishes to you anyway.

Rapunzel · Post by **Rapunzel** » Mon Jan 21, 2008 4:47 pm

Do you know the answer you're supposed to get, mikeinie?

Do you have to work out how to get your answer?

If not, how do you know you keep getting the wrong answer?

Does Q = 60?

mikeinie · Post by **mikeinie** » Mon Jan 21, 2008 4:49 pm

Rapunzel;761419 wrote: Do you know the answer you're supposed to get, mikeinie?

Do you have to work out how to get your answer?

If not, how do you know you keep getting the wrong answer?

Does Q = 60?

No I do not know the answer, it is a CD ROM, when I enter the answer it tells me if I am right or wrong. I will check your answer and let you know.

Rapunzel · Post by **Rapunzel** » Mon Jan 21, 2008 4:52 pm

This seems a mad question considering you're studying Logistics Management, but is EOQ a triangle/ an angle?

CARLA · Post by **CARLA** » Mon Jan 21, 2008 4:53 pm

Woo!! way over my head for sure. :-3 Good luck.

Rapunzel · Post by **Rapunzel** » Mon Jan 21, 2008 4:56 pm

Rapunzel;761419 wrote: Does Q = 60?

Oops! I should have said Does Q = $60?

Accountable · Post by **Accountable** » Mon Jan 21, 2008 4:59 pm

I got 60, if the square root is over the entire fraction and not just the 2DP.

if it is, then I got 26.832815729997474

mikeinie · Post by **mikeinie** » Mon Jan 21, 2008 5:03 pm

Rapunzel;761427 wrote: This seems a mad question considering you're studying Logistics Management, but is EOQ a triangle/ an angle?

EOQ Stands for Economic Order Quantity. The formula is suppose to calculate the most cost effective time to rebuild inventory levels.

Rapunzel · Post by **Rapunzel** » Mon Jan 21, 2008 5:04 pm

Accountable;761432 wrote: I got 60, if the square root is over the entire fraction and not just the 2DP.

if it is, then I got 26.832815729997474

The question is the square root of 2DP divided by IC. You wouldn't just square root half the question and the answer would surely be in whole numbers not to 15 decimal places.

Accountable · Post by **Accountable** » Mon Jan 21, 2008 5:06 pm

Rapunzel;761437 wrote: The question is the square root of 2DP divided by IC. You wouldn't just square root half the question and the answer would surely be in whole numbers not to 15 decimal places.
The long answer didn't make sense to me, either, but I don't know the source or how devious they are.

chonsigirl · Post by **chonsigirl** » Mon Jan 21, 2008 5:12 pm

Your answer is right, AC.

Rapunzel · Post by **Rapunzel** » Mon Jan 21, 2008 5:13 pm

mikeinie;761435 wrote: EOQ Stands for Economic Order Quantity. The formula is suppose to calculate the most cost effective time to rebuild inventory levels.

The information isn't really detailed enough to give a full answer. Sorry about the triangle thing. Three letters to me represents a triangle. I just started a new teaching job today so I'm focussed on numeracy and literacy at the mo.

mikeinie · Post by **mikeinie** » Mon Jan 21, 2008 5:21 pm

Thanks for all of your help, it seems that 60 is the answer, I will plug into tomorrow and confirm.

Thanks Chonsigirl for the PM showing me the calculations.