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Match the Following Terms with the Descriptions Below

Question 41

Matching

Match the following terms with the descriptions below.

Premises:
The reduction in price a firm receives when it places a large order.
The time between when an order is placed and when the inventory is received.
The amount of inventory to meet daily needs.
An inventory system that uses cards to identify when more inventory is needed.
Inventory level when order for more inventory is made.
The opportunity cost of not having inventory on hand when it is needed.
Inventory held to prevent a stockout
Responses:
Lead time
Stockout cost
Daily Demand
Quantity discount
Safety stock
Reorder point
Kanban system

Correct Answer:

The reduction in price a firm receives when it places a large order.
The time between when an order is placed and when the inventory is received.
The amount of inventory to meet daily needs.
An inventory system that uses cards to identify when more inventory is needed.
Inventory level when order for more inventory is made.
The opportunity cost of not having inventory on hand when it is needed.
Inventory held to prevent a stockout
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