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SCM3301 CH11 TEST WITH COMPLETE SOLUTION
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SCM3301 CH11 TEST WITHCOMPLETE SOLUTION
_____ is when the expected cost of a shortage equals the expected cost of
having excess units within a single-period inventory system. - ANSWER
target service level
_____ is inventory items whose demand levels are beyond a company's
complete control. - ANSWER independent demand inventory
the target stocking point is _____ - ANSWER when the expected cost of
shortage equals the expected cost of having excess units within a
single-period inventory system
hedge inventory - ANSWER a form of inventory buildup to buffer against
some event that may not happen
in the continuous review system, _____ is the cost of placing an order,
regardless of the order quantity. - ANSWER S
in the continuous review system, H is _____. - ANSWER the cost of holding a
single unit in inventory for a year
, inventory pooling is _____. - ANSWER holding safety stock in a single location
instead of multiple locations
one variable is _____, which states that the inventory item of interest has a
constant demand per period. - ANSWER demand
safety stock is _____. - ANSWER extra inventory that a company hold to
protect itself against uncertainties in either demand or replenishment time
in the continuous review system, _____ is the number of periods that must
pass before a replenishment order arrives. - ANSWER lead time
a periodic review system is _____. - ANSWER an inventory system that is used
to manage independent demand inventory
_____ is inventory items hose demand levels are tied directly to a company's
planned production of another item. - ANSWER dependent demand
inventory
an inventory driver is _____. - ANSWER business conditions that force
companies to hold inventory
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