Inventory Management

Quiz
•
Business
•
University
•
Medium
Frank Porcil
Used 72+ times
FREE Resource
11 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The overall objective of inventory management is to achieve satisfactory levels of customer service while keeping inventory costs reasonable.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The purchase-order lead time is the ____.
time between placing an order and its delivery
time between receiving a customer order and producing the products
time between receiving a customer order and delivering the items
time required to correct errors in the defective products
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Inventory management promotes minimizing inventory holding costs while maintaining ____, ____, and _____ high.
customer orders, product value, quality
production output, quality, customer service
integrity, services, employee morale
production WIP, customer satisfaction, standard
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The optimal ordering quantity in the EOQ model occurs at the point where the sum of carrying costs and ordering costs are minimized.
TRUE
FALSE
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The ideal order quantity a company should purchase for its inventory given a cost set of production, demand rate, and other variables is known as:
Reorder point
Economic Order Quantity
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Under economic-order quantity decision model, it is assumed that _____.
the quantity ordered can vary at each reorder point
demand, operating costs, and carrying costs are uncertain
the purchasing cost per unit is affected by the order quantity
no inventory stockouts occur
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Safety stock:
Goods kept in store to cover seasonal demand e.g., Summer Sale
Goods kept in store to cover unforeseen shortages or fluctuation in demand
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