Which of the following models is used to determine how much of a product the firm is to produce and when?
Answer
Correct Answer:
Economic production quantity
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The ______ model can be used to select transportation modes by factoring in-transit holding-cost and volume-transportation rates into the total annual cost equation.
Answer
Correct Answer:
Economic order quantity
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The ______ model assumes the company will order items from an outside vendor.
Answer
Correct Answer:
Economic order quantity
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When quantity discounts are in effect, then the ______ is determined by minimizing the total annual costs, which consists of total annual ordering, holding, and purchase costs.
Answer
Correct Answer:
Economic order quantity
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The chief difference in the economic production quantity and economic order quantity models is the ______.
Answer
Correct Answer:
Average inventory level
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______ models are also applicable in highly repetitive production environments that are characterized by long production runs.
Answer
Correct Answer:
Economic order quantity
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One of Target Canada’s biggest mistakes was ______.
Answer
Correct Answer:
Mismanaging their inventory
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Replenish it.
Answer
Correct Answer:
Reorder point
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The ______ results in a lower average inventory level than the economic order quantity model.
Answer
Correct Answer:
Incremental production
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The ______ model assumes that a quantity ordered is delivered all at once.
Answer
Correct Answer:
Economic order quantity
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______ is a predetermined inventory level that is established for fixed-order interval systems, that is high enough to meet all demand.
Answer
Correct Answer:
Target inventory level
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The two fundamental questions in inventory management and control are how much to order, and when to ______.
Answer
Correct Answer:
Order
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The ______ model assumes the company will produce the items.
Answer
Correct Answer:
Economic production quantity
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______ is the probability that the demand during the lead time will be met from the inventory in stock.
Answer
Correct Answer:
Service level
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_______ is a predetermined inventory level that is established for fixed order interval systems that is high enough to meet all demand
Answer
Correct Answer:
Target inventory level
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Which of correct statement of Service-level factors
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Correct Answer:
Another term for Z values in the context of service levels
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The probability that the demand during the lead time will be met from the inventory in stock is known as
Answer
Correct Answer:
Service level
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Reorder point is a predetermined level of inventory that signals when a ______ is to be placed to replenish it
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Correct Answer:
New order
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Quantity discounts price reductions designed to induce buyers to increase their order sizes
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Correct Answer:
True
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______ is the optimum inventory level in stock for single-period inventory systems
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Correct Answer:
Optimal stocking level
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Economic production quantity is used to determine ______ a product the firm is to produce
Answer
Correct Answer:
How much
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