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Exam (elaborations)

OMIS 430 Exam 3 Woosley with complete solutions

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OMIS 430 Exam 3 Woosley with complete solutions

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  • October 1, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • OMIS
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BravelRadon
OMIS 430 Exam 3 Woosley

Inventory - correct answer ✔✔a stock or store of goods



Independent Demand Items - correct answer ✔✔items that are ready to be sold or used



- Necessary for operations.



- Contribute to customer satisfaction.



- usually: 30% of current assets and 90% of working capital invested in inventory - correct answer
✔✔Why is inventory important?



- Raw materials and purchased parts.



- WIP



- Finished goods



- Tools and Supplies



- MRO



- Goods-in-transit - correct answer ✔✔Types of Inventory



1. to meet anticipated customer demand.

2. to smooth production requirements.

3. to decouple operations.

, 4. to protect against stockouts.

5. to take advantage of order cycles.

6. to hedge against price increases.

7. to permit operations.

8. to take advantage of quantity discounts - correct answer ✔✔What are the functions of inventory?



1. achieve satisfactory levels of customer service while keeping inventory costs within reasonable
bounds.



2. level of customer service: having right goods in right quantity in right place at right time.



3. costs of ordering and carrying inventories - correct answer ✔✔Objectives of Inventory Control



1. establish a system for tracking items in inventory.



2. make decisions about when to order and how much to order. - correct answer ✔✔What are the 2
basic functions of inventory management?



1. a system to keep track of inventory.

2. reliable forecast of demand.

3. knowledge of lead time and lead time variability.

4. reasonable estimates of: holding, ordering, and shortage costs.

5. a classification system for inventory items. - correct answer ✔✔What does effective inventory
management require?



Periodic System - correct answer ✔✔physical count of items in inventory made at periodic intervals



Perpetual Inventory System - correct answer ✔✔- system that keeps track of removals from inventory
continuously, thus monitoring current levels of each item

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