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Definition of variables: VariableDescriptionDimensionNotes EMBED Equation.3 Re-order levelUnits EMBED Equation.3 Re-order quantityUnits EMBED Equation.3 Lead timeHours EMBED Equation.3 ProfitRand/UnitRealised when unit is sold EMBED Equation.3 Loss sales penaltyRand/UnitOccurs if there is demand but no stock EMBED Equation.3 Holding costRand/(Unit*Year) EMBED Equation.3 Variable costRand/UnitThe cost of replenishing one unit EMBED Equation.3 Fixed costRandCost of delivery not dependant on units EMBED Equation.3 Number of units EMBED Equation.3 TariffRand/Unit Base case general assumptions: Sales, ordering and delivery occurs 24 hours a day, 7 days a week The sales for every day are considered equal and normally distributed with known mean and standard deviation Transport is deterministic, i.e. the ordered is always delivered within an order delivery time. The tariffs are based on the number of pieces transported and the delivery time (assume that it includes the replenishment time)  EMBED Equation.3  Possible problem variations In the case that the base case problem is solved The number of items sold each day of the week is normally distributed with known mean and standard deviation, i.e. there are 7 pairs of numbers, corresponding to each day of the week. Deliveries can take place only on weekdays. Introduce a stepped tariff function without the fixed cost: r1 [R/unit], when delivery required within 1 hour r2 [R/unit], when delivery required within 2 hours, etc. r1>r2>r3>>rk>rk+1> Introduce a stepped tariff function with fixed cost: Fixed + r1 [R/unit], when delivery required within 1 hour Fixed + r2 [R/unit], when delivery required within 2 hours, etc. r1>r2> r3>>rk>rk+1> Deliveries are normally distributed with mean = promised lead time and know variation. 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