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MKTG 371 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED
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MKTG 371 EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED 1. If the costs (S and H) and demands (D) are the same, which of the following is not true with regard to the EPQ model as compared to the EOQ model? E) Both models use the same formula to compute annual holding cost. 2. How c...

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  • November 11, 2024
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  • 2024/2025
  • Exam (elaborations)
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MKTG 371 EXAM QUESTIONS AND ANSWERS WITH COMPLETE

SOLUTIONS VERIFIED

1. If the costs (S and H) and demands (D) are the same, which of the following is not true

with regard to the EPQ model as compared to the EOQ model?


E) Both models use the same formula to compute annual holding cost.


2. How can the EPQ model be economically reconciled with just-in-time (JIT) production?


C) Decrease ordering (or setup) cost (S).


3. The maintenance department of a large hospital uses about 816 cases of liquid cleanser

annually.The hospital has an holding cost of $4 per case a year, an ordering cost of $12

per order. The following price schedule applies to the purchases.

Units Ordered Price Per Unit

1-49 $20.00

50-79 $18.00

80-99 $17.00

100 or more $16.00


100.. may be 145 on the test


4. Recall the graph of the inventory cost functions. In general, as the order size increases


A) ordering costs decrease and carrying costs increase.

, 11. Consider a periodic review system with a lead time of two weeks and a review period of

seven weeks. If the average demand per week is 1000 units and 300 units of safety

stock are held, what should the target inventory level be?


9300


13. A continuous review (inventory) system (CRS) is also known as a


Fixed order quantity system


16. Recall the graph used in class to illustrate the concepts of economy of scale versus

diseconomy of scale and best operating level. The best operating level is the volume of

output that results in the ____________________.


A) lowest average unit cost


18. Recall the graph used in class to illustrate the concept of economy of scale versus

diseconomy of scale. Economies of scale occur when a company is operating

_______________________.


Below its best operating level and increases its output.


31. A company is developing a linear programming model for its aggregate production plan.

If It = units in inventory at the end of period t, Pt = units produced in period t, and Dt =

demand in period t, then the company's demand constraint to ensure that demand is met

in quarter 3 is


A) D3 = I2 - I3 + P3


32. The closer the smoothing constant (alpha) is to 1.0


A) the greater the reaction to the most recent demand.

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