The quantity on hand plus the quantity ordered must equal the sum of the demand during the lead time plus the demand during the review period plus safety stock.
A. True
B. False
A continual account of inventory transactions as they occur and at any instant, it holds an up-to-date record of transaction is called:
A. Advanced inventory record
B. state-of-the-art record
C. Perpetual inventory record
D. All of the above
A simple system that signals the need for more products is known as: A. Lot-for-more system
B. Kanban system
C. Manifesto system
D. Demanding system
When a quantity of an item equal to the order point quantity is set aside and not touched until all the main stock is used up, this strategy is called:
A. Two-bin system
B. Dual system
C. Two-fold system
D. Wait-for-next strategy
Stockout cost money for which of the following reason?
A. Back-order costs
B. Lost costs
C. Lost customers
D. All of the above
The service level is directly related to the number of standard deviations provided as safety stock and is usually called:
A. safety value
B. safety factor
C. secure level
D. secure stockout
_____________ of actual demands about the average refers to how closely the individual values cluster around the mean or average.
A. distribution
B. disbursement
C. dispersion
D. deviation
A statistical value that measures how closely the individual values cluster about the average is called:
A. Mean value
B. Standard deviation
C. Sigma valuation
D. Order point
What have most of the values clustered near a central point with progressively fewer results occurring away from the cluster?
A. Normal distribution
B. Frequent distribution
C. Average distribution
D. Relevant distribution
The safety stock required depends on which of the following:
A. Variability of demand during the lead time
B. Frequency of reorder
C. Service level desired
D. All of the above
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