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Independent Demand Inventory Management Systems MCQ

The _______ is an extension of the EOQ model when price discounts are allowed

Answer

Correct Answer: Quantity discount model

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The _______ is theinventory on-hand needed to satisfy demand during the order lead time period

Answer

Correct Answer: Reorder point

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_______ is the actual cost of items bought from suppliers.

Answer

Correct Answer: Purchase cost

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_______ are inventories created when a firm purchases a quantity large enough to last until the next purchase period

Answer

Correct Answer: Cycle inventories

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______ are completed products ready for delivery to customers.

Answer

Correct Answer: Finished goods

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_______ are items in some intermediate stage of processing.

Answer

Correct Answer: Work-in-process

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_______ are purchased items used in manufactured products or services.

Answer

Correct Answer: Raw materials

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The _______ requires higher safety stock levels than the reorder point model.

Answer

Correct Answer: Periodic review model

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The external demand for a firm’s finished goods is _______.

Answer

Correct Answer: Independent demand

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_______ includes the cost of lost sales, lost goodwill, and damage to the firm’s reputation.

Answer

Correct Answer: Stockout cost

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_______ are administrative costs associated with purchasing items.

Answer

Correct Answer: Order costs

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_______ occur when a company stockpiles inventories to protect against supply shortages.

Answer

Correct Answer: Hedge inventories

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_______ are inventories held so demand can be met during periods of expected high deman

Answer

Correct Answer: Anticipation inventories

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_______ are inventories held to satisfy demand when production problems occur.

Answer

Correct Answer: Safety stocks

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_______ are purchased items consumed in-house to support manufacturing.

Answer

Correct Answer: Maintenance, repair, and operating supplies

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More Operations Management Subjects
Introduction to Managing Global Operations
Operations and Supply Chain Strategies
Project Management
Product And Service Innovations
Reliability of Operations Management
Managing For Quality
Quality Improvement and Control Tools
Capacity Planning
Supply Chain Design And Location Planning
Process Design and Layout Planning
Tools For Analyzing and Designing
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Product and Service Design
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Customer Relationships and Customer Service
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Supplement. Job Scheduling and Vehicle Routing
Managing Customer and Work Flows
Six Sigma Quality Management
Supplement. Statistical Quality Control
Global Supply Management
Location, Logistics, and Product Returns
Integrating Processes along the Supply Chain
Lean Systems of Operations Management
Financial Management
Business Production
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