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CH 12

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1. ABC analysis divides an organization’s on-hand inventory into three classes based upon annual dollar volume
2. The appropriate level of safety stock is typically determined by choosing the level of safety stock that assures a given service level
3. For seasonal products, the service level should be set to equal shortage cost/ (overage cost + shortage cost)
4. In the single-period inventory model, the overage cost is cost per unit – salvage value per unit
5. Inventory control models assume that demand for an item is either independent of or dependent on the demand for other items
6. Inventory record accuracy would be decreased by increasing stockroom accessibility
7. The objective of inventory management is to strike a balance between inventory investment and customer service
8. One use of inventory is to provide a hedge against inflation
9. A single-period inventory model is NOT applicable for furniture
10. A statistical model applicable when product demand or any other variable is not known but can be specified by means of a probability distribution is referred as a probabilistic model
11. A system that keeps track of each withdrawal or addition to inventory continuously is a perpetual inventory system
12. A system that triggers ordering on a uniform time basis is called a fixed-period system
13. What is a system for ordering items that have little or no value at the end of a sales period? single-period inventory model
14. What is the cost to prepare a machine or process for production? Setup cost
15. WOTF does NOT belong to holding costs? order processing
16. WOTF does NOT belong to ordering costs? Interest payments
17. WOTF is NOT a type of inventory? MRP
18. WOTF is NOT one of the assumptions of fixed-period systems? Lead times are variable.
19. WOTF types of inventory describes inventory that has been purchased but not processed?? raw material inventory
 
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