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Integrated Case of Hope Steel, Inc.

Integrated Case of Hope Steel, Inc.

A Brief Profile of Hope STEEL works, inc.

Hope Steel Works, Inc. – also known to the local market as ‘Hope Steel’ – is one of the largest producers of concrete-reinforcement steel bars. It was established in December of 1964 by Mr. John Long, an industry pioneer whose work in the steel industry began in 1948, the company has built up a solid reputation for superior quality, good service, and fair prices.

Hope Steel supplies to a wide range of construction projects. Its bars are found in low-cost housing, private residences, luxury condominiums, commercial and industrial projects, high-rise buildings, schools, hospitals, bridges, highway over-passes and viaducts, dams and power stations, tunnels, airports, seaports, aqueducts, telecommunication sites, and other public infrastructure.

Certified under ISO-9001:2000, Hope Steel regularly sample, test and analyze its products to ensure that only superior quality reaches its customers.

Rebar Sizes

The standard Rebar sizes that the Company manufactures and sells are as follows: 10mm, 12mm, 16mm, 20mm, 25mm, 28mm, 32mm, and 36mm. For special orders, it can also make 40mm and 50mm bars.

Part 1 Forecasting

Over the past years, the demand for 25mm rebars have fluctuated with a seasonal pattern being observed. Since rebars are manufactured on a “made to order” basis, the VP for Production wanted an accurate forecast for the second half of this year 2021 to enable them to plan and schedule the ordering and the storage of the raw materials needed for the production. Demand for the 25 mm rebars for last year (2020) were as follows:

Demand for the year 2020

x

y

January

3000

February

3500

March

4800

April

4300

May

2400

June

2700

July

3500

August

3500

September

1700

October

2100

November

3200

December

2700

Based on the data above, using simple linear regression with seasonality, compute the forecasts for the months of July, August, September, October, November and December of 2021

Part 2 Inventory Management

During the production of rebars, carbon steel is melted down through a furnace, is molded and elongated into very hot rods, and are then pushed through the rolling mills which determines the sizes and lengths of the bars. The company operates 300 days per year on a 24/7 shifting schedule. Oriental Steel and Tube, Inc. is one of the largest producers of Carbon steel and is the main supplier of Hope Steel Works. It takes 4 days to receive an order from the supplier. Hope Steel Work’s annual demand for Carbon steel is 40,000 pounds. Its ordering cost is $30.00 while it’s holding cost is 20% per unit per year of the price of Carbon Steel. Oriental Steel sells Carbon steel at discounted prices as follows:

Quantity range

Cost (C)

Less than 2500 pounds

$ 0.82 per pound

2500 to 5000 pounds

$ 0.81 per pound

5000 or more pounds

$ 0.80 per pound

Please show your solutions and the comparative annual cost of your choice.

  1. Which is the best order size or quantity that should be ordered and at what cost?
  2. What will be the annual holding cost?
  3. What will be the annual ordering or set-up cost?
  4. What will be the total annual cost?
  5. What is the average daily demand?
  6. What will be the Reorder point?

Sample Solution

es every corner of the world. The number of people who are affected by this news is negligible compared to the number of people who are reached by this news. Furthermore, the number of people who resolve to aid the suffering of these people is again negligible compared to the number of people who were affected by the news. So, saying that evil is soul building for its audience is embellishing and exaggerating an understatement. B. A sense of Pride The concept of soul-building raises questions regarding why God couldn’t just create us strong in the first place . It is rather pointless to make humans endure extreme suffering and adversities for acquiring strength of character when God had all the power to create them with that strength to begin with. To cater this question, some people present the notion of pride . The notion states that if we acquired strength by God’s power and benevolence then the credit for that strength will go to Him but if we acquired it by our own efforts through suffering and enduring extreme adversities then the credit will go to us. We will have a sense of pride that could not have been acquired otherwise. But evaluating this notion raises questions like why do we have to be proud of suffering, why do we have to be given credit, what’s wrong with the credit going to God if the credit for everything else already goes to Him? These are questions that are not answered convincingly by those who came up with the notion of pride in suffering. C. Parenting Analogy To explain why God did not create us strong in the first place, some people also present the parenting analogy . Some parents on learning that their children are being bullied in school resolve to toughen up their children by making them endure and standing up to the bullies rather than complaining about it to the principal. They do so in order to prepare their children for the adversities of the bitter realities of life that lies ahead of them. But this analogy loses its appeal when faced with the comparison of the power of man and God. If parents had the power to toughen their children without subjecting them to the bullies’ tortures, would they subject them to it? The answer is an undeniable no. IV. The extent of success of Theodicy So, in essence, Theodicy doesn’t successfully explain why God allows evi
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