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Supply Chain Management Study Set 2

Statistics

Quiz 11 :
Inventory Management

Quiz 11 :
Inventory Management

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Inventory is defined as the stock of any item or resource used in an organization.
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An inventory system is a set of policies and controls that monitors levels of inventory and determines what levels should be maintained, when stock should be replenished, and how large orders should be.
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One of the basic purposes of inventory analysis in manufacturing and stockkeeping services is to specify when items should be ordered.
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One of the basic purposes of inventory analysis in manufacturing and stockkeeping services is to determine the level of quality to specify.
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One of the basic purposes of inventory analysis in manufacturing and stockkeeping services is to determine how large the orders to vendors should be.
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In inventory models, high holding costs tend to favor high inventory levels.
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In inventory models, high holding costs tend to favor low inventory levels and frequent replenishment.
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If the cost to change from producing one product to producing another were zero the lot size would be very small.
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Shortage costs are precise and easy to measure.
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Inventory levels of dependent demand items are usually managed by calculations using calculus-driven, cost-minimizing models.
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The fixed-time period inventory system has a smaller average inventory than the fixed-order quantity system because it must also protect against stockouts during the review period when inventory is checked.
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The fixed-order quantity inventory model favors less expensive items because average inventory is lower.
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The fixed-order quantity inventory model is more appropriate for important items such as critical repair parts because there is closer monitoring and therefore quicker response to a potential stockout.
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The fixed-order quantity inventory model requires more time to maintain because every addition or withdrawal is logged.
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Fixed-order quantity inventory models are "event triggered."
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Fixed-order quantity inventory models are "time triggered."
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Fixed-time period inventory models are "event triggered."
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Fixed-time period inventory models are "time triggered."
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Fixed-order quantity inventory systems determine the reorder point, R, and the order quantity, Q, values.
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The computation of a firm's inventory position is found by taking the inventory on hand and adding it to the on-order inventory, and then subtracting back-ordered inventory.
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