1 :: Buffer inventory is required as?
1. Compensation for differences in the timing of supply and demand2. Compensation for the uncertainties inherent in supply and demand
3. One or more stages in the operation cannot supply all the items it produces simultaneously
4. Material cannot be transported instantaneously between the point of supply and the point of demand
Compensation for the uncertainties inherent in supply and demand
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2 :: Cycle inventory is required as?
1. One or more stages in the operation cannot supply all the items it produces simultaneously2. Compensation for the uncertainties inherent in supply and demand
3. Compensation for differences in the timing of supply and demand
4. Material cannot be transported instantaneously between the point of supply and the point of demand
One or more stages in the operation cannot supply all the items it produces simultaneously
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3 :: The EOQ formula has been criticized in a number of areas. Which of the following is not an area of common criticism?
1. The assumptions included in the models2. Small errors in estimating will not result in a significant deviation from the EOQ
3. The real costs of stock in operations
4. The use of the models as prescriptive devices
Small errors in estimating will not result in a significant deviation from the EOQ
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4 :: What is a two-bin system?
1. A system in which everything is split between two storage bins2. A system in which two full bins of an item are always held in stock
3. A system in which suppliers deliver two bins at a time
4. A system in which orders are placed when only one complete bin of stock is remaining
A system in which orders are placed when only one complete bin of stock is remaining
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5 :: Under the ABC system of inventory priorities a Class A item is?
1. The 80% of high-value items that account for around 20% the total stock value2. The 20% of high-value items that account for around 20% the total stock value
3. The 20% of high-value items that account for around 80% the total stock value
4. The 80% of high-value items that account for around 80% the total stock value
The 20% of high-value items that account for around 80% the total stock value
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