inventory management review game

JIT is know as which TWO of the following

• Just in time inventory

• the activity of checking products as the are produced or received

• keeping a minimal amount of raw materials on hand to meet production needs

• taking physical count of merchandise at regular periods

Products are obtained from nature or grown using natural resources.

• Extraction and Cultivation

• Processing

• Manufacturing

• Mass Production

What are the three categories of products used by businesses and consumers?

• Extraction and cultivation, processing and manufacturing

• Natural resources, agricultural products, and processed goods

• Producers, extractors and farmers

Uses short production runs to produce a precise amount of a variation of a product.

• Custom Production

• Mass Production

• Intermittent Processing

• Continuous Processing

The average distance between each data value and the mean.

A way to describe the variation in a data set.

• Mean Absolute Deviation

• Economic Order Quantity

• Work in Process

• Reorder Quantity

A ststement of a company's goals and approach to the management of inventories.

• Inventory Management

• Inventory Policies

• Inventory Shrinkage

• Mean Absolute Deviation

A span of time required to perform a process ( or series of operations.

The time between the recognition of the need for an order and the receipt of goods.

• Lead Time

• Inventory Planning

• Usage

• Work In Process

Raw materials supplied by nature.

• Natural Resources

• Processed Goods

• Manufacturing

• Agricultural Products

Changing the form of raw materials so they can be consumed or used to make other products.

• Custom Production

• Mass Production

• Materials Processing

• Continuous Processing

Those items on which all manufacturing operations, including final test, have been completed.

• Finished goods

• Safety Stock

• Physical Inventory

• Reorder Point