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Assessment 4
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Cycle inventory helps in
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1 point
taking advantage of economies of scale and reducing cost within the supply chain
providing flexibility to each decision-making unit to manage its operations independently
finding out the amount of stock required during a finite period in order to move the materials from one location to another
taking care of any special event that does not occur on a regular basis
The inventory decision may be summarized by two questions:
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how much to pay and when to order.
to make or buy and how much.
how much and when to order.
none of the above.
The economic order quantity (EOQ)
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corresponds to the lowest point on the total cost curve.
is the same as the optimum order quantity (Q*).
is the order quantity where the absolute value of the slopes of the ordering and the carrying cost curves are equal.
all of the above.
Which of the following costs decrease as the order size is increased?
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annual carrying cost
annual ordering cost
annual holding cost
none of the above
The average inventory level in the basic EOQ model is calculated as
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the quantity on hand one-half of the way between order receipts.
one-half way between the maximum inventory level and the minimum inventory level.
one-half of the order quantity.
all of the above.
For both the basic EOQ and POQ models,
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the average inventory is equal to one-half of the maximum inventory.
the total annual carrying cost will be identical if the optimum order size is identical.
the average inventory is equal to one-half of the order size.
none of the above.
The quantity discount model
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Indicates how much of a discount is necessary to save money by ordering enough to achieve the next quantity discount.
requires the minimization of the annual costs of the ordering, and carrying costs.
indicates that quantity at which it would be worthwhile to take advantage of the discount.
can be used for only one or two quantity discount amounts.
____________ is additional stock that is kept on hand in case demand is greater than expected.
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Safety stock
EOQ
Reorder point
POQ
___________ is 1 minus the probability of a stockout.
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Confidence level
Service level
Safety probability
Average inventory level
The purpose of ____________ is to divide all of a company’s stock into three groups.
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perpetual system
periodic review system
multi-item inventory model
ABC classification system
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